Yes. You can just press the 'print screen' or 'prt sc' button and you can paste it in a software like paint.
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It is a "photo" that you take while you're playing Minecraft.
There are two ways to take a screen shot in Minecraft. One of them is to press the print screen button on your keyboard, then right click and click paste on a Picture document. The easier way is to press F2, then go to your .minecraft folder and click on screenshots to view it.
Currently, the Xbox 360 version of Minecraft is running 1.6.6 beta. This update came out before the adventure update of 1.8. It will take a while for the Xbox 360 version of Minecraft to catch up to the PC version of the game.
The game itself takes 10-20 MB of Hard Drive space, while it can use 256-1024 MB of RAM while you are playing the game. Save files can get big, however, and if you have explored the world a LOT, it can take up to 1GB (or more!) This problem is more prominent on servers, however.
Kittens don't grow in minecraft