In this paper, we present the results of the first phase of a project aimed at implementing a full suite of IPSec cryptographic transformations in reconfigurable hardware. Full implementations of the new Advanced Encryption Standard, Rijndael, and the older American federal standard, Triple DES, were developed and experimentally tested using the SLAAC-1V FPGA accelerator board, based on Xilinx Virtex 1000 devices. The experimental clock frequencies were equal to 91 MHz for Triple DES, and 52 MHz for Rijndael. This translates to the throughputs of 116 Mbit/s for Triple DES, and 577, 488, and 423 Mbit/s for Rijndael with 128-, 192-, and 256-bit keys respectively. We also demonstrate a capability to enhance our circuit to handle the encryption and decryption throughputs of over 1 Gbit/s regardless of the chosen algorithm. Our estimates show that this gigabit-rate, double-algorithm, encryption/decryption circuit will fit in one Virtex 1000 FPGA taking approximately 80% of the area.