You might considering something like the way tinyurl and other shortening services work. I've used similar techniques, which guarantees uniqueness until all combinations are exhausted. So basically you choose an alphabet, and how many characters you want as a length. Let's say we use alphanumeric, upper and lower, so that's 62 characters in the alphabet, and let's do 5 characters per code. That's 62^5 = 916,132,832 combinations.
You start with your sequential database ID and you multiply that be some prime number (choose one that's fairly large, like 2097593). All you do is multiply that by your database ID, making sure to wrap around if you exceed 62^5, and then convert that number to base-62 as per your chosen alphabet.
This makes each code look fairly unique, yet because we use a prime number, we're guaranteed not to hit the same number twice until we've used all codes already. And it's very short.
You can use longer keys with a smaller alphabet, too, if length isn't a concern.
Here's a question I asked along the same lines: Tinyurl-style unique code: potential algorithm to prevent collisions