encrypt -l lists all available algorithms.
dd if=/dev/random of=aes-128bit.key bs=16 count=1 generates a keyfile
encrypt -a aes -k aes-128bit.key -i test.file -o test.file.encrypted
decrypt -a aes -k aes-128bit.key -o bkuplist-20111025.tar -i bkuplist-20111025.tar.enc