Most facinating what you find if you look. 

The registry does store some passwords in plain text.  The importance of the
passwords you do find depends on your installation.  I found 'password' and
'username' entries at the below locations, but not much software was
installed on these NT boxes.  Searching the NT registry for my password
string did not did not display anything, searching the W95 registry for my
specific password string found it in many places:

password locations:
hkey_local_machine\system\controlset001\services\gophersvc\parameters
                      ...\controlset002\"
                      ...\curentcontrolset\"
                                             ...\msftpsvc\parameters
                                             ...\w3svc\parameters\

username locations:
\hkey+local_machine\software\microsoft\windowsnt\currentversion\winlogon\
                ...\system\controlset001\services\bh\parameters
                      ...\controlset002\"
                      ...\curentcontrolset\"
                ...\services\gophersvc\parameters\anonymouseusername
                                              ...\logsqlusername
                         ...\msftpsvc\parameters\anonymoususername
                                             ...\logsqlusername
                         ...\w3svc\parameters\anonymoususername
                                             ...\logsqlusername