Is there a built-in way to do email confirmation?

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Is there a built-in way in PW to do email confirmation/validation?

Someone signs up or does something with an email address; the system sends an email with a confirmation link to make sure the user actually owns the address.

pwFoo and justb3a both use a double opt-in (?) confirmation link in their modules, but I think they use different methods? I can't figure out how they do it. Is there a recommended way? A quick, easy way?

I am looking into how to put this together. I would need tables in the database for a validation code, generated at signup, and a true/false for account activation. Those would be two fields in the signup template/page, correct?

But they would have to be added to the "user template"? Confused... I thnk this post explains it.

Ryan in that thread also points to a built-in PW way to generate a validation code.