Simple one-liner to create the certificate (requires Windows SDK):
"c:\Program Files (x86)\Windows Kits\8.0\bin\x86\makecert.exe" -r -pe -n "CN=venom" -b 01/01/2000 -e 01/01/2036 -eku 126.96.36.199.188.8.131.52.1 -ss my -sr localMachine -sky exchange -sp "Microsoft RSA SChannel Cryptographic Provider" -sy 12 -a sha256
The makecert command with those options will create a certificate that you can use for local SSL testing (among other things) and the encryption is strong enough to satisfy modern browsers. The certificate gets stored in the machine certificate store. You can examine it via mmc.