Where do all the items you copy and cut go to? The clipboard of course! Well unlike Windows PCs, Macs don't really have a default clipboard as such. That's why most people end up installing a clipboard app like Clipboard Evolved.
Clipboard Evolved (formerly known as Dipboard) features a clipboard-like window for managing clips, a menu bar icon, and a cover-flow interface for quickly pasting clips. Clipboard Evolved is designed to be discreet but easy to access if you should ever need it. When you install Clipboard Evolved, you can access it via the clipboard icon in your menu bar.
When you click the icon, a clipboard will appear with a number of spare slots available for you to insert pasted text and images. It seems, though, that the only way you can copy items to it is to drag them into the clipboard icon - it won't work via right-click or Cmd-click "Copy". I found this pretty annoying but if you don't mind dragging items to the clipboard then it won't bother you too much.
As your items mount-up, you can view them in a drop-down menu by simply clicking on the clipboard. Clicking 'Quick Paste' brings up a cover flow style windows that displays your cuttings but pasting with it is not exactly intuitive. There's no indication of how to paste once you've revealed the items.
I quickly lost patience with Clipboard Evolved. Since it's not accessible from the Cmd-click context menu and makes pasting very difficult, it defeats the whole aim of the program.