Fast Help – Lost admin password – Does WordPress use hashes?

OK, can’t e-mail it to myself because it is on my computer and my apache configuration doesn’t allow for e-mails to be sent.

Does WordPress compare hashes? If so what algorithm does it use. This way i can just encrypt a new password and write it directly to my database.

I don’t want to reinstall because I am halfway through configuring it and i really don’t want to risk messing stuff up.