I'd use a relationship between your two tables (no real need for a separate file, but you can still use a relationship).
One trick is to use three fields, Key, cRandomSort, Word.
Make cRandomSort a calculation field that computes a random number.
After you create all your records in this file and load the word field with text, sort your records by the cRandomSort field (this randomizes the order of the words). Now use Replace Field Contents to load the Key field with a serial number value. If you start your serial number series with the same number as the next serial value of a serial number field in your Hires table, You can define a relationship between them so that the next new record in Hires links to the next random password in the password table. You can also just define a global field in Hires that you use as a counter with a relationship and script for pulling words from the word file. That script can pull together the next 2 words for your password and then increment the global field by two.