Euclid's Algorithm [1]; it's one of the oldest algorithms still in use, simple, elegant, powerful, has lots of generalizations, many theoretical and practical applications...<p>[1] <a href="http://en.wikipedia.org/wiki/Euclidean_algorithm" rel="nofollow">http://en.wikipedia.org/wiki/Euclidean_algorithm</a>
Algorithm or equation? Either way, I'd suggest the Navier-Stokes system of equations, and associated numeric solutions.<p>Have a look at Chung's 'Computational Fluid Dynamics' (2010) via Google books:<p><a href="http://books.google.com/books?id=Cq6tqmMVJREC&lpg=PP1&ots=Hbb60cClyn&dq=chungs%20computational%20fluid%20dynamics&pg=PA55#v=onepage&q=Navier-Stokes&f=false" rel="nofollow">http://books.google.com/books?id=Cq6tqmMVJREC&lpg=PP1...</a>