As Sally Said you want to press Power an the Down button at the same time but there's a little Science to it you have to wait ( 10 Sec.) an the Razr or Razr Maxx will power Down. Now if you hold down the Volume button before you hit the power button all your going to do is lower the Ringer Volume i have done this more than once an my light complected skinned Ears started glowing Red like the Wings on the Space Shuttle When entering Earth.
It will take a few tries to get it down to it works just Right. To me Motorola should've added this feature in were you shut it Down.. But i am not a Motorola Engineer. Ha Ha! 
...B33
Are you doing this Till the phone shuts Completely Down there will times that when doing this the Volume will go down an the Vibrator will buzz but from the way it sounds you have tried This ? an on the Green Led light it worked up till Motorola Pushed the second Update after it though it stopped working.. This happened to the Droid X as Well.. But if you feel it needs to be returned since it's not responding to what your doing if your not past you 14 days get another one but if you are i would try a Sim Card Try a Factory Reset something other than getting a Used one.. b33
Soft Reset in Two Different Ways the Later is the Most Efficient Way to do the Rest: b33
Soft Reset - DROID RAZR / RAZR MAXX by MOTOROLA
A soft reset is the most useful tool for resolving a variety of issues. In most cases, a soft reset will not affect data on the device, unless the battery is very low.
- Press and hold the Power button.
- Select Power off.
- Press and momentarily hold the Power button to power the device on.
This method should only be used if the device is unresponsive and can't be powered off via the preferred method.
- Press and hold power button+volume down key until the device powers off then release.
