read-only-p - a boolean; not evaluated.

object - the primary value resulting from evaluating form.

Read-only-p designates whether the result can be considered a constant object. If t, the result is a read-only quantity that can, if appropriate to the implementation, be copied into read-only space and/or coalesced with similar constant objects from other programs. If nil (the default), the result must be neither copied nor coalesced; it must be considered to be potentially modifiable data.

If a load-time-value expression is processed by compile-file, the compiler performs its normal semantic processing (such as macro expansion and translation into machine code) on form, but arranges for the execution of form to occur at load time in a null lexical environment, with the result of this evaluation then being treated as a literal object at run time. It is guaranteed that the evaluation of form will take place only once when the file is loaded, but the order of evaluation with respect to the evaluation of top level forms in the file is implementation-dependent.

If a load-time-value expression appears within a function compiled with compile, the form is evaluated at compile time in a null lexical environment. The result of this compile-time evaluation is treated as a literal object in the compiled code.

If a load-time-value expression is processed by eval, form is evaluated in a null lexical environment, and one value is returned. Implementations that implicitly compile (or partially compile) expressions processed by eval might evaluate form only once, at the time this compilation is performed.

If the same list (load-time-value form) is evaluated or compiled more than once, it is implementation-dependent whether form is evaluated only once or is evaluated more than once. This can happen both when an expression being evaluated or compiled shares substructure, and when the same form is processed by eval or compile multiple times. Since a load-time-value expression can be referenced in more than one place and can be evaluated multiple times by eval, it is implementation-dependent whether each execution returns a fresh object or returns the same object as some other execution. Users must use caution when destructively modifying the resulting object.

If two lists (load-time-value form) that are the same under equal but are not identical are evaluated or compiled, their values always come from distinct evaluations of form. Their values may not be coalesced unless read-only-p is t.

;;; The function INCR1 always returns the same value, even in different images.
;;; The function INCR2 always returns the same value in a given image, 
;;; but the value it returns might vary from image to image.
(defun incr1 (x) (+ x #.(random 17)))
(defun incr2 (x) (+ x (load-time-value (random 17))))

;;; The function FOO1-REF references the nth element of the first of 
;;; the *FOO-ARRAYS* that is available at load time.  It is permissible for
;;; that array to be modified (e.g., by SET-FOO1-REF); FOO1-REF will see the
;;; updated values.
(defvar *foo-arrays* (list (make-array 7) (make-array 8)))
(defun foo1-ref (n) (aref (load-time-value (first *my-arrays*) nil) n))
(defun set-foo1-ref (n val) 
  (setf (aref (load-time-value (first *my-arrays*) nil) n) val))

;;; The function BAR1-REF references the nth element of the first of 
;;; the *BAR-ARRAYS* that is available at load time.  The programmer has
;;; promised that the array will be treated as read-only, so the system 
;;; can copy or coalesce the array.
(defvar *bar-arrays* (list (make-array 7) (make-array 8)))
(defun bar1-ref (n) (aref (load-time-value (first *my-arrays*) t) n))

;;; This use of LOAD-TIME-VALUE permits the indicated vector to be coalesced
;;; even though NIL was specified, because the object was already read-only
;;; when it was written as a literal vector rather than created by a constructor.
;;; User programs must treat the vector v as read-only.
(defun baz-ref (n)
  (let ((v (load-time-value #(A B C) nil)))
    (values (svref v n) v)))

;;; This use of LOAD-TIME-VALUE permits the indicated vector to be coalesced
;;; even though NIL was specified in the outer situation because T was specified
;;; in the inner situation.  User programs must treat the vector v as read-only.
(defun baz-ref (n)
  (let ((v (load-time-value (load-time-value (vector 1 2 3) t) nil)))
    (values (svref v n) v)))

Specifying nil for read-only-p is not a way to force an object to become modifiable if it has already been made read-only. It is only a way to say that, for an object that is modifiable, this operation is not intended to make that object read-only.