Not exactly. I use clipperz.com to store my passwords, and one of the features it provides is a direct login. The way this works is that it submits the password form directly, without you having to visit the website and copy paste the password from clipperz. It's impermeable to keyloggers and clipboard sniffers because you don't copy or type the password anywhere. Now, if your system is already hosed, your could theoretically be hacked. But, at that point you're SOL anyway.
Yeah, I know the drawbacks of using a password manager, and an online one at that. But it's the best tradeoff I've seen. I have to remember only one strong password, and I can just randomly type in unique passwords for the sites I visit. Plus, their architecture is solid.