News!
If you want to make a backup of your Internet Explorer passwords, we have provided the good old manual way to do it, BUT NOW you can do it the easy way too:

Protected Storage PassView is a small utility that reveals the passwords stored on your computer by Internet Explorer, Outlook Express and MSN Explorer. The passwords are revealed by reading the information from the Protected Storage.
Starting from version 1.60, this utility reveals all AutoComplete strings stored in Internet Explorer, not only the AutoComplete password, as in the previous versions. Go to Nirsoft

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Backup your Internet Explorer passwords manually

Internet Explorer stores the passwords here: HKEY_CURRENT_USER\Software\Microsoft
\InternetExplorer\IntelliForms\SPW

1. Open the Start menu click Run...
2. Write "regedit" and press Enter.
3. Click one time on the HKEY_CURRENT_USER folder.
4. Click one time on the Software folder.
5. Click one time on the Microsoft folder.
6. Click one time on the Internet Explorer folder.
7. Click one time on the IntelliForms folder.
8. Click one time on the SPW folder.
   You will now see a cryptic list in the right window.
9. Now that you have selected the SPW folder,
   click File and choose Export...
10. Give it an appropriate name. Don't call it passwords,
    but use a name you will remember. CheeseDoodles maybe?
    To restore the passwords just, right-click the .REG file and select Merge.