I understand the main function of the lock key word from MSDN
lock Statement (C# Reference)
The lock keyword marks a statement block as
You can have performance issues with locking variables, but normally, you'd construct your code to minimize the lengths of time that are spent inside a 'locked' block of code.
As far as removing the locks. It'll depend on what exactly the code is doing. Even though it's single threaded, if your object is implemented as a Singleton, it's possible that you'll have multiple clients using an instance of it (in memory, on a server) at the same time..