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PWGen is a handy, very easy to use password generator designed to help you create large amounts of cryptographically secure random passwords or passphrases (from word lists). It uses a random pool to gather entropy from user inputs and system parameters. Offers text encryption, too.

Notable Features:

Free and Open-Source software
Uses up-to-date cryptography (AES, SHA-2)
Unobtrusive: easy to use, doesn’t install any weird DLL files, doesn’t write to the Windows registry, doesn’t even write to your hard disk if you don’t want it, can be uninstalled easily
Secure memory management: memory allocated by the program is filled with binary zeros before deallocation
Multilingual support
Runs on all 32-bit Windows versions (9x/Me/NT/2000/XP/Vista/7)