The procedure encryption is actually referred to as obfuscation in Books Online. Also, there is no SQL Server command for decrypting it back. You could use third party components to accomplish this, there sure can be found some by searching in google for them. The only feature for protecting code in SQL Server is the WITH ENCRYPTION clause (http://databases.aspfaq.com/database/how-do-i-protect-my-stored-procedure-code.html[^]). It is weak not necessarily because the encryption is weak (it uses RC4), but because the encryption key can be easily found. An attacker will focus on finding the encryption key rather than breaking the encryption algorithm in such a solution.
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