As the numerous other guys on here have mentioned, MD5 is not a symmetric or an asymmetric algorithm.
Instead it comes under a different branch in cryptography all together. It's one of the smallest hashing algorithms available in the .Net framework. At a mere 16bytes for its keysizes, which should be 128 bit. Something that you learn your bread and butter with.
So yes it is greater than 64bit which is only 8bytes in size.
The maximum key size the common symm' enc' algs use is 256bit (Rijndael Managed).
If you want to be looking at keysizes greater than that, then you can use the RC2 symm' enc' algs which supports variable key sizes. Something that you can experiment with?
If you want higher than 1024bit, then you need to be looking at Asymm' Enc' Algs like the RSACryptoServiceProvider class which supports key sizes going upto 16K in Bits I think?
If you want to use passwords, then you need to use Keyed Hashing Algs, like anything HMAC' something, they should be Keyed Hashing Algorithms or MacTripleDes. These all use secret keyes to encrypt the hash that is generated from the data you supply. The keys are created by using passwords and salt values via the RFC2898DerivesBytes class. <-- Don't forget that RC2, Rijndael, AES, DES and etc all can be set-up to use passwords to help derive the secret keys. In case you are thinking that the opening sentence of this paragraph is a little misleading. So i added this just to be sure in the event that hashing is not what you need altogether.
*REMEMBER THAT THERE ARE UNIQUE INHERITANCE HIERARCHIES IN .net's Cryptography NameSpace.
So MD5 is the base Abstract class all MD5 Derived classes are to derive from. .Net provides one such derived class that is called MD5CryptoServiceProvider class. Which is essentially a managed wrapper class that makes call to windows unmanaged Crypto-Libraries API. MD5 is known in MS official textbooks under the umbrella term as a Non-Keyed Hashing Algorithm. *
There are plenty of options available to you.
: ) Enjoy !