Laguna finds an old key (no spoilers please if possible)

[magemasher]

So I'm on my first playthrough of FF8 and I just had a strange scene. I found a key and the text box says something like

Laguna found a key

I feel a breeze up my butt

There must be a hole in my trousers.

(searches for the hole)

Laguna loses the old key.

What was that all about then?

Kind of strange but it was funny, by losing the key will I miss out on something later.