Is it possible to use memory stick as an alternative for hard lock?

Recently in one discussion I heard an idea to use USB memory stick to protect software. The idea is pretty interesting since memory sticks are not expensive and are available in any shop.

Something like this: write some unique information to the memory stick, lock it and make it unpossible to copy it.
Is it possible or not, and if yes, how secure is it?

Maybe somebody already has some experience? I would like to hear more opinions.