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1.
When you find out that a girl/guy you are dating is into something really cool and unexpected so you must make them your gf/bf.
Guy 1: "So this girl I scored wants to go see Iron Man 2 and go shooting!"

Guy 2: "Dude!! Lock it down!!"
von RedandGreen 2. Mai 2010
 
2.
to finalize a decision or plan
Let's make sure Greg's cool with tonight before we lock it down.
von lottanyx 11. Februar 2010
 
3.
Shut the fuck up and calm the fuck down, please.

Traditionally used on a film set, but also useful for stopping multiple friends, lovers, and strangers from doing stupid, often alcohol-induced things.
"Hey, give me five dollars and we'll grab that mannequin's titties."

"LOCK IT DOWN."
von ABlair 13. Januar 2008