Product Key = Sha128("Your Secret Password" + Client's Machine Code)
Client's Machine Code = Sha256(Processor S/N) + Sha256(Hard Disk S/N)
Client's Machine Code = Sha128(Client's Machine Code);
Example of a Generated Product Key:
40BD001563085FC35165329EA1FF5C5ECBDBBEEF
You can take a look at CTI One Way Encryption, which can generate key something like this:
2KSF2-FPW9S-CN87S-3SKJX-QASX9
CTI Text Encryption:
http://ctiencrypt.codeplex.com/