Probably with an application (there may be one that doesn't require root) or custom ROM. This is a feature of stock ICS so natively, the Razr doesn't have the functionality. If your rooted, Drocap2 has always worked well for me on my past devices.
You don't have to root to be able to do a screenshot. I found "No Root Screenshot", and although not free works well. It's a little tricky to install, but if you follow the directions carefully, it works well. See screenshot with icon by the pointer: