Lets say this is your connection string:
<connectionStrings>
<add name="cs" connectionString="Data Source=myServerAddress;Initial Catalog=myDataBase;User Id=myUsername;Password=XXSDFASFDKSFJDKLJFDWERIODFSDFHSDJHKJNFJKSD;"/>
</connectionStrings>
Then you can do something like this:
string myCs = System.Configuration.ConfigurationManager.ConnectionStrings["cs"].ConnectionString;
System.Data.SqlClient.SqlConnectionStringBuilder csb = new System.Data.SqlClient.SqlConnectionStringBuilder(myCs);
csb.Password = EncDecHelper.Decrypt(csb.Password);
myCs = csb.ToString();
You can write EncDecHelper.Decrypt
by using samples from here: Encrypt and decrypt a string