I can't see spending money on this....

If you're just a Windows guy then I'd say Password Safe is good to use - it will generate good passwords and was originally written by Bruce Schneier, who is The Man. Now it's open source. Can be found at:

http://passwordsafe.sourceforge.net/

Unfortunately it lacks good cross-platform functionality.

However I am currently using KeePass Password Safe, which has a very similar UI to the original but has versions for Windows, Linux, and Mac. They all use the same file format. So if you need to share passwords with people on other platforms then you're all set.

Can be found at:

http://keepass.info/


Two good (and *free*) options for you.