Sure, that would work, so long as you do the same when you are going to compare the string provided by the user.
Let me clear something up really quick: no one method of salting works better than another. When somebody runs a brute-force attack, they usually just md5() the string they're trying JUST ONCE. They don't md5() it and md5() it again, they don't md5() it and reverse it, they don't do anything special. There are just too many combinations of possibilities to even come close to hitting the correct one. The point of salting is so they DO have to guess. And if they guess, they probably aren't going to be right.
So, any of the following would work beautifully, as long as you keep it consistent. And feel free to make your own "algorithm".
[!--PHP-Head--][div class=\'phptop\']PHP[/div][div class=\'phpmain\'][!--PHP-EHead--][span style=\"color:#0000BB\"]<?
md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]$string[/span][span style=\"color:#007700\"]));
[/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]strrev[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]$string[/span][span style=\"color:#007700\"]));
[/span][span style=\"color:#0000BB\"]strrev[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]$string[/span][span style=\"color:#007700\"]));
[/span][span style=\"color:#0000BB\"]str_rot13[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]$string[/span][span style=\"color:#007700\"]));
[/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]$string[/span][span style=\"color:#007700\"]).[/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#DD0000\"]\"salt\"[/span][span style=\"color:#007700\"]));
[/span][span style=\"color:#FF8000\"]//Just DON\'T do this:
[/span][span style=\"color:#0000BB\"]md5[/span][span style=\"color:#007700\"]([/span][span style=\"color:#0000BB\"]$string[/span][span style=\"color:#007700\"]);
[/span][span style=\"color:#FF8000\"]//because that\'s what the hackers are expecting.
[/span][span style=\"color:#0000BB\"]?>[/span]
[/span][!--PHP-Foot--][/div][!--PHP-EFoot--]