"I have seen clip board before but really dont fully understand it. you can provide the details here for me and others.. or I will eventually learn on my own."
I think you believe that the clipboard is a program you can access like Word. It really is more of a function that works in the background. When you copy something, you highlight text and select copy, it is put on "the clipboard". And it stays there for you to use later. An example is when you paste it into another program. The copied text or other material remains on the clipboard until you copy something else or delete it. In older versions of Office, I have Office 97, you can't pull up the clipboard. It is just there working in the background when you need it. With Office 2003, I can access it and delete any or all entries.
You have expressed a concern about data on the clipboard taking up vaulable space. The amount of hard drive space it uses is minimal. Most of the time, it wouldn't fill a floppy. So your concerns are for not.