Reopen last closed tab in Visual Studio

This is not exactly an equivalent, but it can be helpful, so I would mention it.

There is a much simpler way actually, which is to navigate backward (Ctrl+-). Even if the file is closed, VS opens up the file in a new tab. Of course this is useful only in opening the closed tab immediately after you have closed the tab (ie, if you haven't navigated anywhere else much).

Also consider Alt+F, Alt+F.

(push Alt and hold it, now while holding it press F and then one more time F).

This will open the Recent Files menu. There, you you use the arrow keys to select a file and open it by hitting Enter, or just use your mouse.

You can with the Visual studio Power Commands using Ctrl + Shift + Z

If you're using VS 2008, PowerCommands offers a "Undo Close" pane, featuring your recently closed documents, or like David said, check the File menu. PowerCommands doesn't limit the number of files it shows, though.

I don't know of way to open the last closed tab, but you can open your most recent file through your File Menu and the top one should be your most recently closed tab.