At small companies I've worked for we've usual created an encrypted file containing shared accounts with the program Password Safe. Password Safe will give you some added benefits like automatically clearing the password from the user's clipboard and relocking itself after a period of time.
However, at larger organizations that have to comply with various security standards (PCI, GLBA, HIPAA, etc.) shared credentials are one of the things the auditors will get fairly uppity about. You're better off setting your applications up to authenticate against LDAP or RADIUS. Having 1 shared login for administrative access can lead to an internal threat doing something stupid before quiting or other nefarious uses.
Ivan's comment mentions KeePass which I've known some organizations to use and like. I personally havn't used it more than a few minutes, but people who like Password Safe's function but dislike its interface tend to like KeePass. He also suggested LastPass which adds functionality like automating webforms, I haven't tried it personally but it looks like something I may try out and home and possibly work.