This page generates 12-character pronounceable passwords on your machine using Javascript. (I increased from 8 to 12 because of recent advances in password cracking.) Pick one and transform it by inserting capitalization, digits, and punctuation. For more information, see the page on pronounceable passwords.
To add this function to your own web page, first copy "gpw.js", and then view the source of this page to see how to invoke it. An iPhone version is available.
(21 Jan 2013) James Pearson used my JavaScript function to generate multi-word passphrases. An online demo is at http://changedmy.name/pronounceable-password-generator/ Source is on Github: https://github.com/xiongchiamiov/pronounceable-password-generator