Phonetically Memorable Password Generation Algorithms

Question

Background

While at the Gym the other day, I was working with my combination lock, and realized something that would be useful to me as a programmer. To wit, my combin

Answer 1

I'm completely with rjh. The advantage of just using the starting letters of a pass-phrase is that it looks random, which makes it damn hard to remember if you don't know the phrase behind it, in case Eve looks over your shoulder as you type the password.
OTOH, if she sees you type about 8 characters, among which 's' twice, and then 'o' and 'r' she may guess it correctly the first time.
Forcing the use of at least one digit doesn't really help; you simply know that it will be "pa55word" or "passw0rd".

Song lyrics are an inexhaustible source of pass-phrases.

"But I should have known this right from the start"

becomes "bishktrfts". 10 letters, even only lowercase gives you 10^15 combinations, which is a lot, especially since there's no shortcut for cracking it. (At 1 million combinations a second it takes 30 years to test all 10^15 combinations.)
As an extra (in case Eve knows you're a Police fan), you could swap e.g. the 2nd and 3rd letter, or take the second letter of the third word. Endless possibilities.