base64 is all well and good, but it is not the best security, as there is a decrypt function (base64_decode()) function right in PHP. Wouldn't take too long to crack a password if I got one in base64. It is, however good for sending emails or messages, where security is not TOO important, and can be easily decoded later. NOT FOR PASSWORDS, THOUGH.
Crypt is not built into all PHP, I would advise against using it, since I believe there is also decrypt() right in PHP again. NOT FOR PASSWORDS.
What is good for passwords, however, is md5().
http://www.php.net/manual/en/function.md5.php
If you're looking to convert members over, there is an easier way that dumping the database (coding wise).
On the new login, tell them to click a link if they have already registered. After clicking that link, they get sent to another login page (the converter).
Now, when they log in here, it checks their password in database1 with the un-encrypted password, if it's right, it then writes the new password, as well as other user data to database2 (encrypted passwords).
Note, though, that when using md5, you CAN NOT decrypt it. This means two things:
Do not forget a password, or have a script that can generate a new password if the user replies to an email or something.
Your login script that reads from database2 (encrypted) has to md5() before it checks with the database.