No.

MD5 is not a cipher it is a hashing function ie it takes and arbitrary input string and turns it into a (almost guaranteed to be unique) 128 bit digest. It is designed to be one way ie string->hash. It is not possible to do hash->string. If you want to be able to retrieve passwords but store them in an encrypted state you need a cipher. Crypt::Blowfish with Crypt::CBC is my weapon of choice but there are lots of options.