Storing MySQL Passwords
Though this is not the answer you were looking for, you only have three possibilities

store the passwords plaintext (ugh!)
store with a reversible encryption, e.g. RSA (http://stackoverflow.com/questions/4484246/encrypt-and-decrypt-text-with-rsa-in-php)
do not store it; clients can only reset password, not view it

The second choice is a secure way, as RSA is also used for TLS encryption within the HTTPS protocol used by your bank of choice ;)
So, a friend and I are currently writing a panel (in python/django) for managing gameservers.
Each client also gets a MySQL server with their game server. What we are stuck on at the moment is how clients will find out their MySQL password and how it will be 'stored'.
The passwords would be generated randomly and presented to the user in the panel, however, we obviously don't want them to be stored in plaintext or reversible encryption, so we are unsure what to do if a a client forgets their password.
Resetting the password is something we would try to avoid as some clients may reset the password while the gameserver is still trying to use it, which could cause corruption and crashes.
What would be a secure (but without sacrificing ease of use for the clients) way to go about this?