KeePass Password Safe is a offline approach to password management, though you can combine it with cloud services like Dropbox if you want.
What is KeePass?
Today you need to remember many passwords. You need a password for the Windows network logon, your e-mail account, your website’s FTP password, online passwords (like website member account), etc. etc. etc. The list is endless. Also, you should use different passwords for each account. Because if you use only one password everywhere and someone gets this password you have a problem… A serious problem. The thief would have access to your e-mail account, website, etc. Unimaginable.
KeePass is a free open source password manager, which helps you to manage your passwords in a secure way. You can put all your passwords in one database, which is locked with one master key or a key file. So you only have to remember one single master password or select the key file to unlock the whole database. The databases are encrypted using the best and most secure encryption algorithms currently known (AES and Twofish).
The program stores your passwords in a highly encrypted database. This database consists of only one file, so it can be easily transferred from one computer to another.
KeePass supports password groups, you can sort your passwords (for example into Windows, Internet, My Website, etc.). You can drag&drop passwords into other windows. The powerful auto-type feature will type user names and passwords for you into other windows. The program can export the database to various formats. It can also import data from various other formats (more than 35 different formats of other password managers, a generic CSV importer, …).
Of course, you can also print the password list or current view. Using the context menu of the password list you can quickly copy password or user name to the Windows clipboard. Searching in password database is possible.
The program ships with a strong random password generator (you can define the possible output characters, length, generation rules, etc.).
The program features a plugin architecture. Other people can write plugins for KeePass, extending its functionality: support for even more data import/export formats, backup features, network features, etc. See the plugins page on the KeePass website for downloadable plugins and an introduction on how to write your own plugins.
KeePass is really free, and more than that: it is open source (OSI certified). You can have a look at its full source and check whether the encryption algorithms are implemented correctly.