Not exactly.
1. The encrypted data is stored in a file outside the program.
2. The key to decrypt the data is stored inside the program.
3. The password itself is never stored anywhere. Instead a hash to the password is stored. By the very definition of a hash, the password cannot be recovered from the hash. The only way to check if the password is correct is to hash the entered password and compare the hashes.

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Another idea. Why not make the plaintext password a (variable) part of the key so that the key is only useful as long as the entered password is right. Once the program wipes itself, the hashes are gone, therefore even if the installer is found and the program is reinstalled, without the right password, the data cannot be decrypted.

Cheers,
cgkanchi