I have been wanting to use the side button as a shutter button since I got the Droid Proand it can be done using Button Re-Mapper
You must be rooted to use this app so.... First go to settings>applications>Quick Launch and press/hold side button to clear the assigned app, this setting will no longer work once we remap the button. Open button remapper and scroll all the way to the bottom of the list and click on 246 (Side) and change it to Camera with Wake_Dropped state, apply changes and reboot. This way, along with No Lock app installed, your side button will now wake the phone. Once the phone is awake, press/hold the side button and it will bring up the camera. Now press the side button while the camera app is active and it will snap the pic. Yay.
The next coolest thing would be an app that can reprogram button actions the buttons are pressed/held like on BlackBerry. This would allow press/hold button shortcuts from homescreen without using the search soft key as we have to use now.