Windows gives you the possibility to save your dialup passwords so that it makes it easy for you to dial a connection without entering your password each time. Saved dialup passwords are not treated like other saved passwords in Windows. This are stored in a special place and not stored in the password field therefore using a product such as Password Spyer 2k will not be useful in recovering the password since Password Spyer 2k recovers passwords hidden IN the password field. In order to recover dialup passwords, we use another program named Dialup Password Recovery

Dialup Password Recovery extracts the password hidden in Windows for all saved dialup passwords. Dialup connections can be made public (available to all users) or private (available to the user who created them). Dialup Password Recovery is capable of recovering both types. For private connections, you need to be logged in as the user who created the connections in order for the recovery to work.
Finally, here is a screenshot showing the software recovering some dialup passwords.