Is there a way to emulate the 'multiple cursor' features of Sublime Text in Visual Studio?

Check out this new Visual Studio add-on which brings exactly what you want, It supports all versions of Visual Studio since 2010.

Since Visual Studio Express doesn't support add-ins, there is no way to enable this feature on the express version.

The only real Sublime Text equivalent is MixEdit.

It is not free though. You can buy it for $9, and that's a once-in-a-lifetime-payment.

You can use this quick guide but, if you're coming from Sublime, commands are very intuitive.

UPDATE: Don't want to pay? Just realized you can click <cancel> whenever prompted to register.

Update! In VS 2019 we can use ctrl+alt+click. Also, it brings the old block selection (alt+mouse selection) and other options like the ones in Edit>Multiple Insertion Symbols.