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If you are simply trying to turn the screen off, like the normal single press of the power button on the Droid does refer to this question: Is there an App or Widget that can replace my Screen On and Off Button on my Moto Droid?

If you are trying to power down the phone you'll need to have a rooted Droid then you can install an app that give you a boot menu like Quick Boot or Reboot Manager, both of wich give you an option to turn the phone off.