Probably, but you'll have to seek it out. I can say that some of what you describe is the result of some app loading with the desktop environment. X11, the windowing environment used on Linux, does have the handy method of simply highlighting something, then middle clicking to paste it wherever, but unless the Xorg developers created some new persistent clipboard extension, it's some app run by GNOME or KDE doing the rest of what you describe.
I will say that generally speaking, any app that tries to supplement or supplant the Windows clipboard doesn't do a very good job of it. Just be warned.
I have Windows XP Pro, SP3.
I have some experience with Linux, mostly Fedora. One of the best things in it, to me, is the Clipboard. In Fedora (Fedora Core) anyway, the Clipboard is much more capable than in Windows. For instance: you can put any number of items in the Clipboard, you just highlight something and it automatically goes in to the Clipboard (you don't have to right click the highlighted area and click Copy) and the best thing of all, to me, is that the contents of the Clipboard are saved when you log off and are there again when you log on.
Is there an application that runs in Windows that does these things?