Yo '11,
Hardware
Some projectors have a blank button (or select a connection type that
isn't hooked up).
Others have a Freeze button that just holds the existing image until you
hit the button a second time.
Software
PowerPoint will blank a presentation (while in show mode) by simply
pressing the B key. However, if the show is ended, the blank also goes
away. This would only be useful if you are using dual screen mode and could
edit the presentation without exiting it.
Greyware
Personally, I use a different trick. I simple use dual screen mode
(windows extended desktop) and keep my desktop clear of all icons (on the
projected monitor) and set my desktop image to black. When there is no
active presentation, the projection is black.
Bill Dilworth