Best practices for encrypting and decrypting passwords? (C#/.NET)

Question

I need to store and encrypt a password in a (preferably text) file, that I later need to be able to decrypt. The password is for another service that I use, and needs to be sent

Answer 1

Since you must send the password in unencrypted form over the network, there is nothing you can do to protect it 100%.

AES is good enough if you need to store locally, and talking about disasms, network sniffers etc is not particulary good contra-argument becuase the same thing can be done with any program (sure, ASM is harder then CIL but its a minior point).

Such password protecting is good enough to prevent casual pick up, not to prevent decoding by proffesionals.