It's unlikely that you've seen anybody doing a lateral throw, and that's a shame. It's great for developing both size and power in the traps and deltoids.
You'd do these almost like a standard lateral raise, except one arm at a time, and actually throw the dumbbell up to the same position you would a lateral raise. It's important to brace yourself throughout this movement.
This exercise builds both power and size. It requires a quick concentric contraction to throw the dumbbell up and a strong eccentric contraction (negative) to slow the dumbbell down. These two types of muscle contractions will improve muscular power and hypertrophy.