The Clipboard is a useful tool for obtaining and sharing text and images between programs and open projects.
Please note that you are only able to use the Clipboard while you have at least one project open.
Cut - (Ctrl + X)
If the currently selected layer is an Overlay Image, or Overlay Text, then that layer will be removed from the layers list and copied to the Clipboard. If the currently selected layer is another type of effect, then Cut will be disabled.
Copy - (Ctrl + C)
Usually, a flattened version of the entire currently visible Image will be copied to the clipboard.
If there is a selection active, the content contained in that selection will be copied to the clipboard.
If one of the following layers is currently active and selected, the listed action will take place instead.
Paste as Overlay - (Ctrl + V)
One of two effect layers will be created depending on the information available on the clipboard.

Paste as New Project
If there is image data available on the clipboard this option is available. Selecting it will create a new project using the image from the clipboard.