The phrase lock them up and throw away the key is a long-standing English idiom for imprisoning someone forever, and online it has been shortened into a reusable reaction clip. As a meme sound it spread through short-form edits and soundboards where creators needed a quick, exaggerated judgement for cringe moments, bad opinions and obvious fails. Its appeal is that anyone recognises the meaning instantly without context, so it still works as a punchline even when the original clip that prompted it is completely unrelated.
About this sound
The 'lock them up and throw away the key' meme sound is a short vocal clip used to jokingly sentence someone after a terrible take or fail online.
This clip delivers the line lock them up and throw away the key in a flat, final tone that sounds like a verdict being handed down. The phrase is deliberately over the top for whatever minor offence came before it, which is exactly why it lands as a joke. There is no build up or music underneath, just the sentence itself, so the humour comes from the contrast between the serious punishment being described and the silly mistake it is reacting to in the video.