This is simply holding a weight in the lockout position of an
exercise for as long as possible. In the squat lockout,you would be
just standing there with a huge weight on your back.If you can
squat 100kg for reps in the squat,try squat lockouts with 30-40kg
more worth of plates.Strive for around 20-30 seconds while holding
that position.
Lockouts are best done in the big movements like bench, squats,
deadlifts, shoulder presses, etc. because of the amount of weight
that can be supported.
These will build connective tissue strength(tendons and ligaments)
as well as priming your nervous system for heavier work in the
future.After holding 5 plates on your back, squatting with three
plates won't seem quite so daunting.
From Brooks Kubik's website:
A 1956 lifting mag reported that a 16 year old lifter (in the
lightweight class) used this exercise for eight weeks and increased
his clean and jerk from 210 pounds to 250 pounds. His jerk off the
rack increased to 275 pounds.