This Tool will help you to create Licenses and more. The encryption and decryption aren't made for long strings, but for serial keys or informations about the user.
You can, like I do, send the cpu id and mac adress of the pc and also a secret password or question or something else for the new key when he buys a new pc. This guaranteed that nobody else can use this key.
The License Key has also to be out of cpu id and mac. For example, your cpu id is FE365C and the mac 45::24::F5::e6 etc., then the serial could be FE365-4524F-xxxxx-xxxxx-xxxxx.
Read more: Codeplex