heres a example dude of hashing.
$hash = md5($key)
then you insert $hash into the cookiekey column.
This what md5 does to a string
echo md5("HELLO")."<br />";
echo md5("HELLO1");
outputs
eb61eead90e3b899c6bcbe27ac581660
cbaf229714f868ed2d729c2f1697365b
You see its quite random and very secure. all you have to do is md5("A random string") and insert that into "cookiekey" column