You only have to run the application where you usually see those bullets hidding the real password and BulletsPassView will translate them into real characters.
Once you have both programs running, reload bulletspassview and you'll see the password there.
You can also do this with password of web services. Just run the web browser and access the website where you see the asterisks and do the same (only works on IE).
BulletsPassView can be very sueful because we usually forget passwords hidden behind those points.