1. Open putty
2. Go to connection>ssh>tunnels
3. Enter a source port, select dynamic, and press add. This is going to be the port you send your uTorrent connection through
4. Do the normal jazz to establish a connection.

Setting up uTorrent

1. Open uTorrent
2. Go to options>preferences>connection
3. Change the following:
Type: Socks5
Proxy: localhost
Port: (The port you entered and tunneled in putty)
Resolve hostnames through proxy (check it)
Use proxy server for peer to peer connections (check it)
4. Press OK

I can't confirm that this encrypts all of the uTorrent traffic, but when I tried it behind a firewall it sure went a lot faster.