Type in the name of the service you would like to access (eg: Facebook). Case does not matter. This will be how you will retrieve the service's password every time.
Type in your secret phrase. This is a phrase that you must never write down or tell anyone. It is essentially your "master key".
A password is generated in the hidden field. The password is made by doing a one way hash of the secret phrase combined with the service name and then decorated with special characters.
Set the password of your service to the generated password. Now you never have to remember that password ever again. Every time you want to log in, just come regenerate it and copy and paste it.