Question: On iOS devices you can take a screenshot by pressing the home & sleep buttons at the same time. Is there a similar way to take a screenshot with Windows Phone?

Answer: 
For devices still running Windows Phone 8, hold the power button and then press the Windows key. The screenshot will then be stored in a "Screenshots" album in the photos.

For those updated to Windows Phone 8.1, press and hold `power`+`volume up` simultaneously.

There is a video [guide from Microsoft on YouTube](http://www.youtube.com/watch?v=Pxi5uYX-5-E)
Windows Phone 8
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Press and hold Start button and Power icon at the same time to take a picture of your screen.

Windows Phone 8.1
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Press the Power icon and Volume Up buttons at the same time to take a picture of your screen.

Windows Phone 7, 7.5
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It do not provide a way to take screenshots without unlocking the phone with developer tools.

*The screenshot will then be stored into a "Screenshots" album in the photos.*