I spent a little time programming a small application which encrypts & decrypts passwords, using the very strong AES encryption algorithm. It can be a security risk if you send your password over the internet whether it be through email, instant messenging or whatever. It also seems to be more common these days, for companies to outsource certain aspects of there companies (security, administration), in almost all cases your sending your password accross the internet.
Currently uses AES, which is the current standard and is the most powerful encryption available.
The key for the AES, is xor'd (light encryption) into the program, the key is then decrypted using another strong encryption algorithm. The key is then made private but available to the program.
Program is wrapped with a packer, and is internally encrypted, with it's own protection scheme.
Software can output/input ASCII or Hex(default), depending on your preference. Hex output is prefered and more secure.
Has the ability to encrypt data multipletimes, which would then in result in someone having to decrypt multipletimes to unlock the password.
Will add the following commercial algorithms, BlowFish, TwoFish, Triple-Des, DS-2, RSA, GOST, SkipJack, Tea. And a custom algorith, not as secure as the others, but less common.