I'm not quite sure what exactly you are trying to accomplish, but there are numerous methods that you can secure something. Most people think way too hard into it. Is your website really going to be that popular that it will attract the worlds most gifted to attack your website? Does it require the level of integrity as something such as a bank?

Using MD5 or SHA-1 while salting it with a random string should more than do the trick for your purpose I'm sure. If you're overly paranoid, just get SHA-512 installed on your server if it is not already and use that... although probably a waste of your time and completely overblown for your purpose.