You probably need a cryptographically secure pseudo-random generator. There are a lot of variants. Google "Blum-Blum-Shub", for example.
The security properties of these pseudo-random generators will generally be that, even when the attacker can observe polynomially many outputs from such generators, it won't be feasible to guess the next output with a probability much better than random guessing. Also, it is not feasible to distinguish the output of such generators from truly random bits. The security holds even when all the algorithms and parameters are known by the attacker (except for the secret seed).
The security of the generators is often measured with respect to a security parameter. In the case of BBS, it is the size of the modulus. This is no different from other crypto stuff. For example, RSA is secure only when the key is long enough.
Note that, the output of such generators may not be uniform (in fact, can be far away from uniform in statistical sense). But since no one can distinguish the two distributions without infinite computing power, these generators will suffice in most applications that require truly random bits.
Bear in mind, however, that these cryptographically secure pseudo-random generators are usually slow. So if speed is indeed a concern, less rigorous approaches may be more relevant, such as using hash functions, as suggested by Jeff.
