I\'m essentially preparing phrases to be put into the database, they may be malformed so I want to store a short hash of them instead (I will be simply comparing if they exi
Instead of assuming that MD5 is "fairly slow", try it. A simple C-based implementation of MD5 on a simple PC (mine, a 2.4 GHz Core2, using a single core) can hash 6 millions of small messages per second. A small message is here anything up to 55 bytes. For longer messages, MD5 hashing speed is linear with the message size, i.e. it crunches data at about 400 megabytes per second. You may note that this is four times the maximum speed of a good harddisk or a gigabit ethernet network card.
Since my PC has four cores, this means that hashing data as fast as my harddisk can provide or receive uses at most 6% of the available computing power. It takes a very special situation for hashing speed to become a bottleneck or even to induce a noticeable cost on a PC.
On much smaller architectures where hashing speed may become somewhat relevant, you may want to use MD4. MD4 is fine for non-cryptographic purposes (and for cryptographic purposes, you should not be using MD5 anyway). It has been reported that MD4 is even faster than CRC32 on ARM-based platforms.