Well I don't know if it would make much sense, because this code is using some quite advanced regex techniques, like look ahead or sequential matching, which require some regex understanding. If you are still interested I can break it down for you.

After giving it a bit of thought I decided to do it anyway

Code:

perl -n0e 'while (/NAME.*?((?=NAME)|(?=$))/sg) {$x=$&;print $x if $x=~/LOCKED/}' file

-n - load file's contents into $_ variable
-0 - load whole file into $_ variable. Without that perl would divide the file into lines and process them one by one
-e - execute script
while (/NAME.*?((?=NAME)|(?=$))/sg) - keep going through $_ variable (g option), matching blocks of it that start with "NAME" and that have "NAME" right after their end. This is the look ahead part (?=NAME). To match also last block in variable (file), which is starting with "NAME", but there is no "NAME" at the end, there is alternative look ahead match (?=$), that means end of the variable. /s regex option allows . to match newline characters, which allow regex to match through multiple lines. .*? matches non-greedily all the characters that are between "NAME" and before next "NAME". If ? was missing in this expression, regex would perform greedy match, which would match whole variable in single run. While's body is quite easy. $x=$& is assigning recent match to $x variable. It is done to avoid loosing it's contents when /LOCKED/ is run. So now $x consist of block of lines extracted from $_ variable (file's contents), that start with "NAME" and ends just before next "NAME". This block is tested by $x=~/LOCKED/ expression, to check if it contains word LOCKED, and if it does, then print $x is printing it on screen.