There is no built-in screenshot function (or there wasn't in D2:ED, anyway), but you can use the PrintScreen button and exit or alt-tab out of the game to paste into a graphics program. I'm not sure what features were added to Windows 7 Paint, but many image viewers (such as IrfanView, etc) can crop and do simple edits.

There are also various Screenshot Programs you could use. That topic is fairly old; a couple programs that I saved links for but haven't gotten around to trying yet are Gadwin PrintScreen and MWSnap, or check out some listed here.