This is roughly what it does. I did not bother to figure out what the purpose of the SHA256 hahses not mentioned here is. The code also converts between byte arrays and strings using ASCII and UTF-16 encoding and Base64 encoded data a thousand times so I might have lost track of this and the pseudo code below is missing some encoding changes.

  salt = "$2a$10$67C.GOM1jShOBOM.f.BIAe" // Version 2a and work factor 10.

  password = BASE64-ENCODE(BCRYPT(password1 + password2, salt))

  rounds = 45000

  salt = CSRNG.GetBytes(32)

  key + iv = PBKDF2-HMAC-SHA1(password, salt, rounds).GetBytes(32 + 16)

  encrypted = BASE64-ENCODE(salt + AES-256-CBC(GZIP(message), key, iv))

The bcrypt implementation comes from [1].

[1] http://bcrypt.codeplex.com/