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I had one of my domains stolen from me recently even in locked status at GoDaddy. It was the domain for my gay link list (gaypervs.com) and the guy just went into godaddy and snatched it somehow.
Thankfully some other people were on his trail already and we confirmed it was the same guy so if all goes well he will be someone's bitch soon.
But yes registrar lock is supposed to mean that the domain cannot be altered at all, including dns servers, transfers etc.
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