I don't think it could be hashed if it is case insensitive. It's fairly early so I may be misremembering but I'm not aware of any hashing algo that ignores case.

Edit: Ah, actually they could be storing the password as a hash, but they would probably have to do like a password. ToLower() call or something where they morphed the string before checking... The thought of which just makes me shudder.