From recaptcha.net: "But if a computer can't read such a CAPTCHA, how does the system know the correct answer to the puzzle? Here's how: Each new word that cannot be read correctly by OCR is given to a user in conjunction with another word for which the answer is already known. The user is then asked to read both words. If they solve the one for which the answer is known, the system assumes their answer is correct for the new one. The system then gives the new image to a number of other people to determine, with higher confidence, whether the original answer was correct."
Slashdot Mirror
This only works for small sites. Certainly the Yahoos and Googles of the world can't rely on something that can be broken with 2 minutes of hacking.
This doesn't work because they distort the images different every time.
From recaptcha.net: "But if a computer can't read such a CAPTCHA, how does the system know the correct answer to the puzzle? Here's how: Each new word that cannot be read correctly by OCR is given to a user in conjunction with another word for which the answer is already known. The user is then asked to read both words. If they solve the one for which the answer is known, the system assumes their answer is correct for the new one. The system then gives the new image to a number of other people to determine, with higher confidence, whether the original answer was correct."