I’m still torn as to whether or not this is a good idea. PixelCryptor uses an image file as the encryption/decryption key. The theory is that images can contain more information than a simple password, so your entropy is higher. However, now the image used for the key needs to be kept securely.
It seems to me that this would be best like one of those fake rocks sitting by your front door containing the key to your house, or the magnetic key holder you stick to the frame of your car. It does not provide real security against a determined thief, but it does provide security from the casual snooper who wouldn’t know where to look for the “key”.
Obviously, for business-grade operations, I’d say you should avoid this. For keeping something secure while sent over email between friends, I can see saying “encrypted with the picture in my flickr account of Jen in her favorite hat”.