Definetly....use DiskCopy to create a drive image and encrypt it with 128 bits. It then creates a drive image that all you have to do it double-click on it, enter your passcode, and it mounts to your desktop. You can copy files/programs back and forth flawlessly and run your data or program from the mounted drive. OS X doesn't know the difference between that and any other drive you have on your machine. It's fast and painless. The drive will stay mouted until you eject it (by dragging it to the trash/eject button) or until you log out.
Also, this is much easier and more efficient than trying to hack with some other program, it's a feature that's built right into the operating system and is industrial -strenght 128-bit encryption.
Quick -- simple -- painless -- FREE!
