Even the best CAPTCHA's can be deciphered. Slashdot reported a couple of days ago that Russian hackers managed to achieve a 35% accuracy rate on cracking Yahoo's CAPTCHAs:
A team of Russian hackers has found a way to decipher a Yahoo CAPTCHA, thought to be one of the most difficult, with 35% accuracy. The Russian group's notice, posted by one "John Wane," is dated January 16. This site hosts a rapidshare link to what looks to be demonstration software for Windows, and quotes the Russian researchers:
"It's not necessary to achieve high degree of accuracy when designing automated recognition software. The accuracy of 15% is enough when attacker is able to run 100,000 tries per day, taking into the consideration the price of not automated recognition — one cent per one CAPTCHA."