Password generator

<? 
   /*
    * Function that generates passwords using md5 and randomizer
   */
   function generate_password($length = 8) { 
      srand((double)microtime()*1000000); 
      $UniqID=md5(uniqid(rand())); 
      $password=substr(md5(uniqid(rand())),0,$length); 
      return $password; 
   }

   //Usage:
   echo generate_password(); // Generate a password with a length of 8
   echo generate_password(10); // Generate a password with a length of 10
?>