removing md5 encoding

[fascom746]

Hello;
It is originally written as;
if (!$ldata)
{
if (BBGetUser($lusername, md5($lpassword)))
{
BBCookieInit($lusername, md5($lpassword));
$lpassword = md5("$lpassword");
$lsecurekey = CryptMe(rand(1, 32768));
$lusername = stripslashes($lusername);
setcookie ("esselbachst", base64_encode("$lusername:!:$lpassword:!:$lsecurekey"), time()+5184000);
HeaderBlock();
echo GetTemplate("login_done");
FooterBlock();
}
else
{
HeaderBlock();
echo GetTemplate("login_error");
FooterBlock();
}
}

Now I want to remove md5 encoding, So I have written it as
if (!$ldata)
{
if (BBGetUser($lusername, $lpassword))
{
BBCookieInit($lusername, $lpassword);
$lpassword = md5("$lpassword");
$lsecurekey = CryptMe(rand(1, 32768));
$lusername = stripslashes($lusername);
setcookie ("esselbachst", base64_encode("$lusername:!:$lpassword:!:$lsecurekey"), time()+5184000);
HeaderBlock();
echo GetTemplate("login_done");
FooterBlock();
}
else
{
HeaderBlock();
echo GetTemplate("login_error");
FooterBlock();
}
}

Have I written it correctly? Please let me know

[Frederick]

unfortunately, md5() is a one way encoding. you can't reverse it.

[fascom746]

Actually this is for a integrating module for a system which does not md5 encode passwords. My modified script is working correctly with it but I just want to make sure it is written according to the PHP standards.