As far as i know PwDump doesn't generate passwords, it only dumps the password-hashes (LanMan, NTLM) from NT-based boxes.

And as far as cracking these hashes, there are a few around, namely Cain&Abel, l0pthcrack, Rainbow ...
I'm not certain about the NTLMv2 hashes though ...

Feel free to correct me if i'm wrong.

Greetz,