The battery in the Droid Razr isn't removable. Try holding the power and volume down buttons simultaneously for 15-30 seconds and see if that reboots the phone.
I am sorry to see that you are experiencing some overheating issues with your phone. Please do not attempt to remove the battery as it is not removable and you will permanently damage your phone if you remove it. Did the soft reset work as recommended by tikibar1 (thanks!)? Is your phone within the one year manufacturer's warranty? Any physical/water damage? Is it fully charged? Have you tried different charger? Try connection to a computer USB post with your data cable to see if this prompts a restart. You may need to bring to a store http://bit.ly/3SdsA for hands on evaluation as temperature cannot be assessed via chat or by phone. Keep us posted.
Follow us on Twitter at www.twitter.com/VZWSupport
I had the same problem. I rebooted by holding both the power button and the volume button down for a while and the phone restarted, but did not seem to start cooling down. I turned off GPS in the settings screen, and it cooled off. As an experiment, I then turned GPS back on, and it's still cool!
PS - I had the same heating problem a few months back when I was using GPS navigation. When I turned GPS off that time, it cooled down, too!