https://www.youtube.com/watch?v=9Ku49GHHKGE&feature=youtu.be
be sure to like and share this FAST before it is patched!!!
Splicer Keys are used for 3 things we currently know of(please correct me if wrong).
You need one to start the Gjallarhorn quest while on patrol in Plaguelands
To get back into the Archon Forge Arena when you die, you will use a key to get back in
There are secret locations on patrol Plaguelands that you can go to and use this key to open chests(after killing enemies in the area).
EDIT: You can hold 10 keys per character and 10 in your vault, for a total of 40!!!
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People.......please stop bumping this. This mechanic is not broken nor has this person found a glitch. You can only hold 10 of the splicer keys at once. They only open locked areas and are used to get back in to the forge if you die. These keys are not super valuable and are easy to obtain.