For storing passwords hashes, you need an algorithm slow enough that brute-force attacks are not feasible. Salting the password will help against rainbow attacks, but not against brute-force attacks. For storing password hashes, you need to use an algorithm specifically designed for this purpose; such as:
srcyptscrypt is new but interesting because it not only uses a variable work factor but also memory-hard functions. This dramatically increases the cost of brute-force attacks, because both running-time and memory requirements are increased.