Heh... md5 has been "crackable" for years now. There are super computers that given a couple weeks could crack the md5 code.
Now, if php could support SHA2 instead of SHA1 that'd be nice. Much more secure than md5 (less chance of duplicate hashes).
I'd also like to point out that IF you're going to use md5 or sha1 to encrypt a password, don't just encrypt the password. Create a sort of "obfuscation" technique like intermingling the username or some other info about the user into the password and hash that. At least then if they get your password (presumably they have your username anyway) they'll have a slightly harder time to guess at what it is.
If you really want encryption, you'd want to look at the [man]mcrypt[/man] library.