Encryption: The How, The What, The Which

I’m having difficulty understanding the resources I’ve been reading so far (which I find rather understandable on my behalf since I hardly have any direct and technical computer background). But from what I’ve read, most of the existing encryption algorithms rely on burdening the “decryptor” with calculating immense codes, which is not practically feasible. That is to say, the decryptor wouldn’t have the luxury of time to break the code.

However, I found another one which says that it’s algorithm is virtually unbreakable. It’s called the Vernam algorithm, developed by Gilbert Vernam in 1918. Its unbreakability relies on using a key only once, hence, it became a term interchangeable with one-time-pad.

Now the questions. How does it compare to other existing and used encryption methods? What issues would it come across if it would be put into practice? For clarification, which encryption is best for everyday use?

Not sure yet if this works because of university issues, but here is a program that claims to use the said technique:

What I’ve read about Vernam cipher algorithm by order of reading:
[see attached]
http://www.codeproject.com/KB/security/VernamEncryption.aspx (with demo; pm me your e-add if you want a copy, or you can join the site)

Edit: added note on codeproject

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For what purpose is the encryption intended?

Text encryption or maybe general file encryption perhaps?