An infinitely better solution (in terms of security that is) than the accepted answer would be:
ActionMailer::Base.smtp_settings = {
:address => "mail.foo.com",
:port => 587,
:domain => "foo.com",
:user_name => "addy@foo.com",
:password => "foofoo",
:authentication => "plain",
:enable_starttls_auto => true,
:openssl_verify_mode => 'none'
}
This way you’ll still be using encryption, but the validation of the certificate would be disabled (and you won’t be getting any errors).