Making an Album Password protected gives you the ability to share your images/videos with friends and family but keep out unwanted viewers.
You just need to send the the link to the album and the password for your album to see it. First, make sure you've set your album to Private and selecting the Guest Password check-box. Create a password you can easily hand out with the link to the album.
Then, go to the album in your Photobucket account and click the Email icon in the share panel.
The Share album menu appears:
Enter the address or addresses of the people you want to share with and a message if you'd like. Once this is complete, hit the Share button.
Your friends will get a message from Photobucket inviting them to the album. Here's what it looks like:
Then, all they have to do is click the View now button, enter the password, and write you back telling you how awesome your album is :)