Like Shawn said just use the PHP built in session functions. If you were using Javascript yes, you could browse the cookie files and figure out what the username and password works, but that is not how server side sessions work. Read the Manual on session and it will tell you.
Basically:
Client Connects to page
Server Starts a Session
Server stores information (variables) on its side (under *nix its under the /tmp directory)
Server sends client an ID number for the session (kind of like a ticket). So if you looked on a local hdd you would see a cookie with and ID (SID) number in there. (A hash that means nothing).
Client sends requests
Server checks the hashed ID against what sessions are in it directory and pulls from that.
So if a person had access to you server, yes you could crack open a cookie and look at the variables. But as far as looking on a local machine.... no that cant read any cookies and get relavent information.
Now does this stop ppl from coming behind someone and using there session that they have open... no it doesnt. It never would. The only thing you could do is have the user login everytime he wants something... then what are the point of sessions and cookies?
So... by using SSL... and Server Side Sessions you will be ok. (THat not to say invonerable).
Hope this Helps!