It is best practice to store hash values instead of passwords, on authentication databases. Currently, Target Corp. is in the news as an example of the problems that derive from such a breach of security. The data lost is not the same as the derived password list. It is more serious.
A simple expedient, to extend the life of a given hash, is to salt the hash in implementation, when keeping a hash table in a database.
For example, using a proprietary salt value, concatenate it to the (password and subsequent) results during repeated hashing. Another way, would be to XOR the salt with the value under repeated hashing.
Consider the problem from the perspective of using a pre-computed hash table. The attacker deterministically produces an incorrect password. But if the salt is selected from a reasonably large key-space, it is computationally expensive to build a suitable substitute, and the resulting table(s) would be useful only against that particular database, such that diversity of use would discourage individual efforts.