function generatePassword($length=8)
{
$chars = array_merge(range(0,9),
                     range('a','z'),
                     range('A','Z'),
                     array('!','@','$','%','^','&','*'));		shuffle($chars);
$password = '';
for($i=0; $i<8; $i++) {
    $password .= $chars[$i];
}
return $password;
}

Function to simply generate a random password.

PHP Password Generator

php

PHP