I have a products table with 42 million records on our production db. 
For indexing and backup purposes we created another database on the same box called "ProductsDB"

If I import all records of products table with SSMS import wizard from DB1 to DB2 will it create any lock or slowness on DB1 (production)? 

I do not care about DB2(ProductsDB) in terms of locks or slowness which will not be accessible until we adjust our code.

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This is not a valid answer but my experince:

Since I could not find "exact" answer to my question (I searched a lot online) I took the risk and used Import wizard on this table. It took less than 5 minutes to complete and did not notice and performance/lock issue both on web server or database server. 

Cons of this transaction;
- It did not create any primary keys
- It did not create any existing indexes from source table

I will need to create them again, but still it is fine and that was what I want.

Hope this will help for future references, I will keep searching for it.