From Macworld’s “Give thanks for the iPhone’s physical controls” article: short guide on what the iPhone’s and iPod touch’s Home and Sleep/Wake buttons are for.

Home
Click once to go to the Home screen. Click again to go to the Search screen.
Configure double-click in the Settings app to do one of the following: go to the Home screen, display the Search screen, go to your favorite contacts list, launch the Camera app, or launch the iPod app.
Double-click can also be toggled to display playback controls while the iPod app is running in the background.
(If the iPhone or iPod touch is locked, the playback controls can be displayed by double-clicking the Home button. See below on how to toggle the lock feature.)
Triple-click to do one of the following: activate Voice-Over, change display to White on Black, or prompt you which feature to activate. Configure under ‘Accessibility’ in Settings > General.

Sleep/Wake
Pressing the Sleep/Wake button once locks the iPhone or iPod touch. While locked, nothing happens if you touch the screen. Long press brings up the red slider to turning off the device.
When a call comes in, click once to put the phone into silent, twice to route the call to voicemail.
Home + Sleep/Wake buttons
Take a screenshot by pressing both Home and Sleep/Wake buttons at the same time. The screenshot will be saved in your Camera Roll, or for iPod touch users, in the Photos app.
If an application hangs, long press the Sleep/Wake button until the “Slide to power off” slider appears. Release the Sleep/Wake button and then hold down the Home button for about seven seconds until the frozen app quits.
Restart the iPhone by holding down the Sleep/Wake and Home buttons simultaneously for about ten seconds until the Apple logo appears.
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