Forget about obscuring it in the code. It will only make your software harder to read, debug and maintain. You'll also be nailed if your software has to go through a security audit.
If you can't put the key in secure storage (securely on disk, secure memory or a passphrase in someones head), don't bother with anything else.
If you're in a *nix environment, storing the key on disk with root/root 400 permissions might be "good enough".
On Windows, you could use the DPAPI to store the data in Microsofts secure memory.
You could also use a lightweight PBE to encrypt the sensitive key and have the user enter the passphrase when the application starts up.