I am trying to put SSL encryption between my Wordpress application and its MySQL database, is anyone aware of a solution/tutorial for this? Haven't managed to find anything on Google or the Wordpress codex.
Yes. It is possible to connect Wordpress to mysql using SSL. Add define('DB_SSL', true); to your wp-config.php file and take a look at this:
http://wordpress.org/support/topic/wordpress-with-mysql-over-ssl