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This constraint will aim an object or bone toward a target just like the track-to constraint, but in only one axis.
To understand how this works imagine tracking the position of a helicopter with a point on the ground. The helicopter position can always be determined with a point directly below it on the ground surface no matter how high the helicopter is. Now imagine that the point is the constraint target, the ground is the plane determined by the locked axis of the constraint, and the helicopter can be both above and below the ground.
Options and Settings
OB: The Object to serve as the target (when rigging, it is the name of the Armature Object which contains the target bone).BO: The Bone to serve as the target.
To: X/Y/Z(-) Lock:X/Y/Z Determines which axis will point at the target (To), and which axis will be used for the range of motion (Lock).
Influence Determines the influence of the constraint as a percentage from 0-100%. This value can be animated manually, or driven by another object or bone in the IPO.
Show Shows the constraint in the IPO window.
Key Sets a keyframe on the current Influence of the constraint at the current frame.
More Resources:
Blender Wiki Page - Locked Track