The easiest way is to use HTML5 placeholder text. But this can have some unintended renderings when applied to password fields in some browsers, and doesn't even work at all in IE prior to IE9. So for cross-browser consistency, I'd use a jQuery plugin for it:
http://plugins.jquery.com/project/html5placeholder
Then you hardly have to do anything. In you'r HTML you'd set up a regular password text field, but with a placeholder, like this:
<input type="password" placeholder="Senha">
In the javascript (after including the jQuery plugin above), you can just activate it:
$('input').placeholder();
But, if you want to use a traditional method (or if the above method doesn't work for you for some reason), you can just swap out the password field with a plain text field as required. You'd set up your HTML like this, with a visible prompt and hidden actual field:
<input id="password-field" type="password" name="password" style="display: none;">
<input id="password-prompt" type="text" value="Senha">
Then, jquery to swap it out:
// This makes the password field show up when you focus on the prompt,
// and changes focus to the password field
$('#password-prompt').focus(function() {
$(this).hide();
$('#password-field').show().focus();
});
// This makes the prompt re-appear when you lose focus on the password field,
// but only if it's still empty (if you typed anything in, it leaves it as is)
$('#password-field').blur(function() {
if ($(this).val() == '') {
$(this).hide();
$('#password-prompt').show();
}
});