I'm sorry, I don't really know of a particular algorithm. There are so many out there on the internet, just do a search. The only one I could throw out off the top of my head that is better than nothing is the same thing cyprus suggested, but you can add a twist to it to make it a little more difficult to crack. ABC = BCD if you shift to the right by 1. The problem is mostly how to store the password so it isn't seen by anyone and blatantly obvious. That just makes it easier for them to crack it.
When the user types in ABC, you could shift out of the alphanumeric range into higher ascii values. Add 90 to each character they type in for instance. Then store that ascii value (it will not be obvious if they don't know what or where they should look for). Then when the program reads that ascii value back in (from the registry let's say), just compare the password they type in with the one you generate from the stored registry value (by subtracting 90 for each character). To add even more twist, embed a more complicated key into the password. The key I just gave example of would be "Out = In + 90 for all values". You can make a key though that will change based on each character.
The user types in ABC. A=0, B=2, C=4 (or some other algorithm of your choice). Store A+90+0, B+90+2, C+90+4 as the three ascii bytes.
Your key here is 2*((int)EachChar - (int)'A');
In other words, 'A' = 0, 'B' = 2*('B' - 'A') = 2, etc.
Embed this function in your program. You may opt to store the key in the registry or embed the key into the program. Don't store it in the registry as "Password Key"... When you read the value from the registry, only your program (with the right key) will be able to unlock the value in the registry(unless someone has a good crack utility).
Read in from the user and compare the decoded value from the registry. It's that simple.
If they type in ABC, you get [RegByte1 - 90 - 0, RegByte2 - 90 - 2, RegByte3 - 90 - 4].
Another type of key you can use is non-function based. It's simply another password used to encode, decode data. If you make a 20 character key in this fashion, you have 20 bit encryption(I think...). So if Key="ABC123YaYaDaDa", the user types in "XYZ", then the encode routine says
'X' + 'A'],['Y' + 'B'],['Z' + 'C']. Doesn't do so much for short passwords. But if the password is the same length as the key, it's excellent.
If you want to get really complex, you need mathematical functions with only one solution from the key that you pick. I can't get into depth though, it's been too long since I had statistics!
Hope this helps,
Chris