I am not sure if this is the correct place for this question as this might be more of a theory based question. But I was also interested in the C# implementation of the following. And how feasible it is
I am planning on using PGP for encryption and decryption of files. Is it possible to encrypt the file with two public keys (my public key and the receiver's public key) so that if i will be able to decrypt the file using either one of the private keys. Is this scenario feasible? Is so what is the direction I should take for a correct implementation of the same. Any help would be highly appreciated
On high level (if you use any PGP API), yes, you can pass two or more public PGP keys to OpenPGP API (or software) and have the data encrypted. Then you would be able to use a PGP secret key that corresponds to any of used public PGP keys to decrypt the data.
On lower level - OpenPGP always generates a symmetric key for encryption of data, and then this key is encrypted using one or more public PGP keys, consequently there's no difference how many keys to use.
Now, what to use depends on what platform and development environment you are using (as this is a programming site we assume that you are going to encrypt data in code). For Linux and C there exists GnuPG library. For Java and C# there's some PGP support in BouncyCastle. Finally, OpenPGPBlackbox of our SecureBlackbox library provides full scope of OpenPGP functionality for a number of platforms and languages, including .NET, VCL, ActiveX and C++.
On a side note, the answer you've accepted is completely wrong so I strongly suggest de-accepting it.