I'm basically looking for an equivalent to OS X's encrypted sparsebundles. The solution should have support for file ACLs and should not force me to specify a size in the beginning (the image should only take up as much space as it needs) or require root access to mount and unmount. Ideally, I should be able to set two different passwords (both for the same data), but that's not too important.
(I do have root access to the machine and so can install packages and such, but I would rather not have to
sudo just to mount an image.)