How can i encrypt and later decrypt a value of a cookie in PHP (how secure will the encryption be )
There a variety of different ways to encrypt information in cookies and elsewhere. The strength of the encryption will vary by the method you choose to do the actual encryption. mycrypt is a good place to start. See this answer for an example of using mcrypt.
I don't recommend putting anything sensitive in a cookie, even if it is going to be encrypted. Way too tempting for someone to crack. Try sticking to sessions if you can.