I'm not entirely sure what you want to do, but I would think you could just calculate a hash of your processor id string, like so:
SHA512 sha = new SHA512Managed();
byte[] hash = sha.ComputeHash(Encoding.UTF8.GetBytes(myProcessorIdAsString));
StringBuilder sb = new StringBuilder(128);
foreach (byte b in hash)
sb.Append(b.ToString("X2"));
string meKey = sb.ToString();