If you enter an unclaimed email address, then we will email you a code. If you type in that code and confirm the password you typed in, then we will create an account for you with the given password.
If you enter an claimed email address, but an incorrect password, then we will email you a code. If you type in that code and confirm the password you typed in, then we will change your password to the one you typed in.
Passwords are transferred over an HTTPS connection, but not the same connection you got this page from. The passwords are transferred in plain-text, but stored on the server in the delicious bcrypt format. This means that someone could hack our server and watch you transmit your password live but not be able to use our password database.
(there is no undo!)