The Pin tool allows you to "pin" an object to your page, making sure that it cannot move. To do this, right-click on an object, then select Pin.
You are still able to manipulate most of the pinned object's properties (for instance, shape and transparency/opacity), but you cannot move it around. To move it again, you need to unpin it. To unpin it, right-click and choose Unpin from the object's menu.
Locking an object is similar to pinning, but instead of just making the object immovable, it actually makes the object unselectable. This is especially useful when you find yourself often drag-selecting objects near an object that you don't want to select at all. —even if you drag-select around a locked object, it won't become selected. Locked objects are completely ignored by left-clicking, double-click and drag-selecting, making it easier to work around them without selecting them accidentally. (When objects are locked, it's almost like they become part of the page background.)
To lock an object, right-click on it and choose Lock. When you lock an object, its selection box disappears, since locked objects can't be selected. In fact, you can now left-click and drag-select around the object with complete abandon, and it won't become selected.
Right-clicking, however, still works—in fact, that's how you can unlock the object. To unlock an object, just right click on it and choose Unlock.
Pinning keeps the object (photo, embellishment, caption, etc.) from moving - so you won't move it by accident. It still lets you double-click on the object to modify the settings (make it more transparent, etc.). And it lets you select the object, so you can align things to it using the alignment tools.
Locking makes the object pretend that it was blended right into the page...you can't select it or change its settings any more (until you unlock it).
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