Save Encrypted Password

I have a USERS table on an SQL Server 2000 with two fields, USER_NAME AND PASSWORD, and I want to encrypt the passwords when I stored them on the table.
I used {Encrypt N ‘MyPassWord’} to encrypt the password and it looks that the passwords have been encrypted.

Went, however, I execute a SELECT statement for a specific password all passwords are returned.

This is a small sable code:
------------------------------------------------------------------------------------------------
CREATE TABLE dbo.Users
(
User_Name nvarchar (10) NOT NULL ,
PassWord nvarchar (50) NOT NULL
)

GO

INSERT INTO USERS (User_Name, PassWord)
VALUES ('MyName', {Encrypt N 'MyPassWord'})

GO

INSERT INTO USERS (User_Name, PassWord)
VALUES ('YourName', {Encrypt N 'YourPassWord'})

GO

SELECT * FROM USERS
WHERE PassWord = {Encrypt N 'MyPassWord'}

(2 row(s) affected)
-------------------------------------------------------------------------------------------------
Unfortunately both (All) rows are return

Is it any way to encrypt password and be able to select them?
Is it any other way to encrypt data into the database?

Thank You

Elias