Mirror lockup is useful when you use a tripod, such as for landscapes and macros (but not for things such as action and continuous shooting). For fast shutter speeds it's not so useful, but if you are in dim light and/or use a narrow aperture then mirror lock will help you to not expose as the camera vibrates from the mirror snapping back. I use it extensively with my tripod work.
To use mirror lockup you have to enable it in the Custom Function, then when you press the shutterspeed the camera will set focus and exposure (unless you did these manually) then the mirror will open and lock. You wait a little bit for the vibration to die down, then press the shutter button a second time and the image will be captured.
Your manual expains this procedure -- I suggest you give it a good reading to familiarize yourself with the operation of a very nice camera!
Hope this helps,
Tony