A function/shortcut used in the Windows operating system. Pressing the Windows Key and the letter 'D' simultaneously will minimise any folder/program/window that is on the screen at the time.
Due to this function's popularity with risk-taking pornography fanatics (to quickly hide evidence of unscrupulous activity), it can be humorous to shout "WINDOWS KEY D" while entering a friend's room when you know they are using a computer.
Bill swifty entered Scott's room while shouting "WINDOWS KEY D" (windows key + d) to find Scott abusing himself with the GIF section of 4chan.org displayed on his monitor.
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Actually, it doesn't minimize all windows, it shows the desktop. There is a slight difference. When you maximize any window, all your former maximized/restored windows will open again. Window Key + M is actually the minimize all shortcut, however if an application has a dialog open, it will not minimize it.
windows key + D shows the desktop, Windows key + M minimizes all windows that don't have open dialog boxes.
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