Contrary to what David Knight says, these two alternatives return the same response in MS SQL 2008:
SELECT CONVERT(VARCHAR(32),HashBytes('MD5', 'Hello World'),2)
SELECT UPPER(master.dbo.fn_varbintohexsubstring(0, HashBytes('MD5', 'Hello World'), 1, 0))
So it looks like the first one is a better choice, starting from version 2008.