I'm guessing you are saving these email addresses somewhere. So it's quite easy to make a secure identifier for each entry you have. Whether that is a hash or some encryption technique, doesn't really matter. But I guess a hash is easier to implement and actually meant for this job.
So you hash for example the emailaddress, the PK value of the record, with the timestamp of when it was added, and some really impossible to guess salt. Just concatenate the various fields together and hash them.
In the end, you send nothing but the hashed key to the server. So when you send those two links, they could look as follows:
http://www.url.com/newsletter/acceptsubscription.aspx?id=x1r15ff2svosdf4r2s0f1
http://www.url.com/newsletter/cancelsubscription.aspx?id=x1r15ff2svosdf4r2s0f1
When the user clicks such a link, your server looks in the database for the record which contains the supplied key. Easy to implement, and really safe if done right. No way in hell someone can guess another persons key. Just bear in mind the standard things when doing something with hashing. Such as:
- Do not forget to add salt.
- Pick a really slow, and really secure, hashing algorithm.
- Just make sure that no one can figure out their own hash, from information they can possess.
- If you are really scared of people doing bad things, make sure to stop bruteforcing by adding throttle control to the website. Only allow X number of requests per minute for example. Or some form of banning on an IP-address.
I'm not an expert at these things, so there might be room for improvement. However I think this should point you in the right direction.
edit: I have to add; the solution provided by Tim C is also good. GUID's are indeed very useful for situations like these, and work effectively the same as my hashed solution above.