Windows 7 Power Management – Notebook Shuts Down When Lid is Closed

You could just disable the sleep-on-close-lid option, which should in turn prevent a wakeup when you open the lid. However, you'll then need to remember to put the laptop to sleep before closing the lid (the power button can be configured to do this).

If you pull out the right sidebar and pick settings, there's a menu item to go to your Control Panel. From there, access power options, and change your current plan settings. In the plan settings, you can adjust advanced options via the menu on the left.

From what I understand, under "Power buttons and lid" you will want to set the lid option to Sleep, and set the Power Button action to Hibernate.
If you want the lid option to transition into the power button option, you'll also want to go to "Sleep" and either enable Hybrid Sleep or set a timer for "Hibernate after" (which starts counting from when the computer is idle, not when it goes to sleep).
And you will also want to set require password on wake to off as well.

This should get you to your desired configuration. Unless you're running Windows 8 RT; I haven't even seen one of those so no idea how different they are.

Some elaboration:
Sleep puts your computer in a low power state, feeding power only to RAM and input devices, with periodic mini-wakes to check on scheduled tasks. Any action from input devices will wake the computer (which includes opening the lid). Waking from this state is usually faster, as your computer's state is still in RAM, and the computer only needs to reinitialize your other devices.
Hibernate saves your computer state to disk, and powers everything off. The only way to "wake" from this point is to power on the device. It takes a little longer to wake because it must read everything off disk into memory, and disk is the slowest data device.

Additionally, sleep usually doesn't need a password because it functions more like a screen saver than a screen lock. Hibernate requires password because it's as if you rebooted your computer, except it reopened all your applications into the state before power-off.