I have an account with GoDaddy, I'm trying to use my domain name with a freehost. 100webspace to be exact. I went into the account settings of both and added the nameserver of the host to godaddy. How long should I be expect to wait and also should I unlock my domain or keep it parked?

so this is what you are trying to do
host a domain with a free host (non-domain host I assume)

if so, its not going to work. and keep your domain where it is, the nameservers can take up to 24hrs to change, it isnt instant

with free hosting services, generally real domains doesn't work. Because free hosting provers want their names be seen when a URL is written in address area of internet explorer.

However, you may register a domain and point to your free hosting area. But at the end you will see the subdomain name in explorer address bar.