Hey, I've been looking around for exe compressors/encryptors/packers, and after some testing I'm going to say that the only (to my 'public info' knowlegde) viable solution for AV protection is Morphine. I've tested PEPack, Morphine, Mew10 (Mew 11 is down??), and UPX, and combinations of them, and the only one that has worked was a single encrytion with Morphine.
It works out well that Morphine works because each time it encrypts the exe or dll its different from when someone else encrypts it. Morphine V2.7 can be found at http://hxdef.org/download/Morphine27.zip and info on it can be found at http://www.secretashell.com/BobSoft/Morphine.html
For a big list of packers go hurr http://web.archive.org/web/20041010121600/....de/packers.htm the site has been down for some time, so finding files is a hassle
Note: I don't have a super virus scanner, so I don't know it even gets around them, so here is a dl of a pre-encrypted pwdump for you guys to test http://www.box.net/public/c5j4ypdii7