Whenever you cut or copy a selected object, not only is an image of that element copied to the clipboard (allowing you to paste it into any other application), the element itself is copied to the clipboard. This allows you to paste that element back into DrawPad, and then continue to modify any settings (fill colors, gradients, shadows, etc.) of the newly pasted element.

When you have an element selected, right clicking that element gives you the option to either Copy Effects, or Paste Effects. Copy Effects lets you copy all the styles/effects that apply to that element, including fill color, gradients, shadows, bevel/emboss, and inner/outer glow. Any of those attributes will be copied, and when attempting to Paste Effects all (or as many are applicable to the targeted element) will be applied to that element.