Wordpress MD5 Password
The most sensible solution would simply be to use the relevant WordPress function (wp_generate_password) itself.
However, if this isn't an option, you could simply extract the wp_generate_password function (it's in /wp-includes/pluggable.php) and relevant support functions.
The easiest way to create the password is ...
- to use any rubbish as entry in the MySQL table for user_pass, but acorrect email.
- Use the "forgot password" function in the login panel to generate a correct password (or activate this link automatically to notify the user).
Don't forget to copy a "wp_capabilities" and a "wp_user_level" from another account.