Is it possible to capture the contents of running Windows store app? I need to capture the entire screen or a user defined rectangular area.
There is no built-in mechanism to render Windows 8 XAML UI to a bitmap in Windows 8.0. Depending on how complicated your UI is you could implement your own composition engine to render your UI to a bitmap using Direct2D or use the WinRT XAML Toolkit WriteableBitmap.Render() method implementation which has a limited support for doing what you ask (it doesn't render all types of controls, doesn't support RenderTransform, etc.). You could update it though to add support for the missing features.
Windows 8.1 APIs include the new 'RenderTargetBitmap' class that allows to render to a bitmap with its RenderAsync methods.