The term "opposite lock" refers to the position of the steering wheel during the manoeuvre, which is turned in the opposite direction to that of the bend.
The technique works best on loose surfaces where the friction between the tyres and the road is not too high.
Before entry to the bend, the car is turned towards the bend slightly, but quickly, so as to cause a rotating motion that induces the rear of the car to slide outwards. Power is applied which applies further sideways movement. At the same time, opposite lock steering is applied to keep the car on the desired course. As the car reaches the bend it will have already turned through most of the needed angle, travelling sideways and losing some speed as a result. A smooth application of power at this point will accelerate the car into the bend and then through it, gradually removing the sideways component of travel. Overall, the bend will have been negotiated much faster than driving through it in a normal manner. In skilled hands, the result is a dramatic and fluid motion which looks incredibly natural. When executed poorly, the result is often the complete opposite.
A related technique is the handbrake turn, in which the rear wheels are deliberately locked in order to break the friction between the tyres and the road, allowing the car to be spun around a very tight bend or junction, etc.