Its shame that iPhone doesn’t support functionality of copy and paste to clipboard (copy and paste between different applications). But the solution is here using Openclip. This application is open source, that support cross application copy paste (copy and paste between different applications).

Openclip make use of shared space on the iPhone that is accessible to developers to make the clipboard feature working that doesn’t break the SDK agreement. But I don’t think application will be live in Apple store. Check out this video to understand how openclip works?

Cut and Paste for iPhone from Cali Lewis on Vimeo.