Lion - Macbook randomly wakes up from sleep when lid is closed

It is possible to determine what caused the system to wake

  • Open Console (/Applications/Utilities/Console)
  • Set the search filter to 'wake'

    You're looking for the latest entry that has something like this:

    Wake reason = EC LID0
    

    (In the example above, opening the display clamshell caused the machine to be woken)

Here's a list of wake 'reasons' from OSXDaily

This should shed some light on what is waking the machine, then you can go from there.