Morphine is very unique application for PE files encryption. Unlike other PE encryptors and compressors Morphine includes own PE loader which enables it to put whole source image to the .text section of new PE file. This one is very powerful because you can compress source file with your favourite compressor like UPX and then encrypt its output with Morphine. Another powerful thing here is polymorphic engine which always creates absolutely different decryptor for the new PE file. You can encrypt a new Morphined file which will give a new file with a high percentage difference.
   
What's more, Morphine allows you to encrypt one file several times! But be sure you're using -b option (see usage) when doing this. Unlike other file encrypters Morphine enlarges your executable by not more than 5kb (this is not true for morphined DLLs without using -d option, see below)! Morphine supports most PE files and many of other PE encryptor/packers. Also one of the greatest things here is that it is an open source project.

Since new PE file has random loader it is possible the loading will take more time than you want to (especially when encrypting bigger files). If this occurs simply delete the long time loading PE file and try to build it again. And be careful with morphined DLLs. This can really slow down final execution.