When I run docker and use the --ulimit memlock=-1:-1 option, what do the soft/hard values of -1 mean? Does it mean that I am allowing an unlimited amount memory to be locked by this container/process?


Yes you are right. Check the definition of memlock here

maximum locked-in-memory address space (KB) 
This is memory that will not be paged out. It is frequently used by 
database management applications such as Oracle or Sybase to lock 
shared memory for a shared pool so that it is always in memory for 
access by multiple sessions.
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