locator.exe is a vital windows system process which is used to maintain a database of valid RPC's on your system. RPC stands for Remote Procedure Call. More information about it can be found here.

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RPC is a powerful technique for constructing distributed, client-server based applications. It is based on extending the notion of conventional, or local procedure calling, so that the called procedure need not exist in the same address space as the calling procedure. The two processes may be on the same system, or they may be on different systems with a network connecting them. By using RPC, programmers of distributed applications avoid the details of the interface with the network. The transport independence of RPC isolates the application from the physical and logical elements of the data communications mechanism and allows the application to use a variety of transports.