razor-autosuspend is (as of late january 2012) a somewhat incomplete application that provides basic power management for your laptop.
razor-autosuspend has been included in razor-qt and will be a part of the 0.4.1 release.
For razor-autosuspend to work, you need to have UPower installed on your system.
With razor-autosuspend you can setup what shall happen if
You start razor-autosuspend from the command-line:
and it should appear in your system tray (3 z's on top of each other).
If you right-click the icon and click 'Settings...', you get a dialog where you can set up what should happen when the lid is closed or power runs low.