Confidentiality of disk-resident data is critical for end-to-end security of storage systems. While there are several widely used mechanisms for ensuring confidentiality of data in transit, techniques for providing confidentiality when data is stored in a disk subsystem are relatively new. As opposed to prior file system based approaches to this problem, this paper proposes an application-level solution, which allows encryption of select data blocks. We make three major contributions: 1) quantifying the tradeoffs between confidentiality and performance; 2) evaluating a reuse distance oriented approach for selective encryption of disk-resident data; and 3) proposing a profile-guided approach that approximates the behavior of the reuse distance oriented approach. The experiments with five applications that manipulate disk-resident data sets clearly show that our approach enables us to study the confidentiality/performance tradeoffs. Using our approach it is possible to reduce the performance degradation due to encryption/decryption overheads on an average by 46.5%, when DES is used as the encryption mechanism, and the same by 30.63%, when AES is used as the encryption mechanism.