Android has had cut/paste functionality since day one, but sometimes it is limited to cutting and pasting within an individual app or functionality on our handsets. The video below highlights a new app from Edward Kim called Copy Paste It that brings universal cut-and-paste functionality to Android handsets by creating a system wide clipboard on your Android phone. In essence, the app takes a screenshot, then uses an optical character recognition engine to extract the text from the shot.
Now before you go running to the Market to download, the app needs a rooted phone to work. If you have root access to your handset, download away! Use the barcode to purchase the app for $3.99.