what does that do? Save game time until your actually playing?
Basically, it's just canceling the subscription to the game. After doing this, it won't let you log into your account in-game until you've renewed the subscription.
And yeah, while it's locked, everything related to your account becomes 'frozen'.
You can do this really easily under normal condition, but here's a word of advice, everyone:
If your password is randomly changed, it might be a hacker trying to forget with your account. Once this happens, just change the password back to something more complex and random using your e-mail.
DO NOT, I repeat,
DO NOT go to Blizzard's billing management to get them to lock the account until it is absolutely the last resort.
Once Billing and Account Services locks it, only they can unlock it. To do this, you have to go through the process of printing out an account retrieval form, filling it out with a Notary's signature and stamp, and including a copy of your birth-certificate or I.D. to get it back.
I went through that process once. Once I mailed it in, they sent it back saying I forgot some random item that no one had mentioned before, and thus couldn't unlock the account. It took 3 months and around 5 mailing cycles to get the account back.
TL;DR: Blizzard's Billing and Account Management service is a bitch.