I initially thought of fsekrit but that is for saving text in notes.
You really want something more like MYSecret which works on the clipboard contents.
Copy the above to the clipboard and run mysecret.exe and enter the password "tuesday" and it will replace the clipboard with this:
Then if you copy the encrypted text to the clipboard and run mysecret again, it will ask for the passphrase and decrypt. It sees the begin/end items to know if it should encrypt or decrypt. Also has command line options for file encryption/decryption. It is just one process, blowfish algorithm, but it looks close to what you want.
I take a bit of a funny approach towards encryption. First of all, let's mention the legendary xkcd comic: http://xkcd.com/538/
Honorable mention: The Correct Horse Battery Staple http://xkcd.com/936/
I think theoretically there's a meta-flaw with all these algorithms partially evidenced by his order he wants shown above. If a simple "no brainer AES" isn't good enough, then it's time to think sideways.
1. The Three Letter Agencies typically apply their version of the Wrench approach.
You: "Look at me, I used a 3 step process, no I won't give up my passwords."
Them: "Sure. Here's a Judge Order declaring you a child beating copyright infringing terrorist connected to 9-11. So we'll give you your choice of being waterboarded or eaten by Venezuelan rats until you give up the password."
2. Anybody below the 3 letter agency on a vengeance is a 2 bit script kiddie with a de-crypter. Because lil' ol' you just isn't important enough for Big Vlad in Moscow to put his top gun expert on your case.
3. Johnny Mnemonic. Go LoTek.
Did you see what I did there? I'll give you a hint. g.
4. Book Cyphers rule.
Gee. Isn't that nice? Go on, let your Uncle's Friend's Girlfriend's Brother's Buddy Joey at the NSA work on that one. Here's another one.
Aren't "Bad" Cyphers supposed to break with two samples? Notice the "55" in slots 3 and 4? Yay. You found a clue. Too bad you have NO idea what the rest of the context means. Okay, I'll baby you. It's code for an orientation configuration of a Rubik's Cube. I was even nice and used the same one in *two sets of three* to make it nice and easy for y'all to crack!
In summary, unless you shoot a police officer, no one will ever crack these kinds of home made codes. The secret is that uniform length codes expand into asynchronously sized chunks of meaning.
And you're just not important enough for Joey at the NSA to care about you.
Coda: Some of this was inspired by how certain clunky old computer programs worked. Each couple of characters was a type of ultra compacted representation of something. So why stick with *one* process? Why not use *one hundred* processes? Some method indicates to the recipient *which of 100* algorithms to use decrypting it!