We present a combined experimental and theoretical study of state-to-state inelastic scattering of NO(X2Π1/2, j = 1/2f) with O2(X3Σg-) molecules at a collision energy of 480 cm-1, focusing in particular on the observation and interpretation of correlated excitations in both NO and O2. Various final states of the NO radical, in both spin-orbit manifolds, were measured with high resolution using a crossed molecular beam apparatus which employs a combination of Stark deceleration and velocity map imaging. Velocity map imaging directly measures both the angular distribution and the radial velocity distribution of the scattered NO molecules, which probes the kinetic energy uptake or release and hence correlated excitations of NO-O2 pairs. Simultaneous excitations of NO and O2 were resolved for all studied final states of NO. In all cases, the experimental results excellently agree with the results of simulations based on quantum scattering calculations. Trends are discussed by analyzing the scattering wave functions from the calculations.