Whenever you Cut (CTRL + X) or Copy (CTRL + C) an element (file, folder, text or image from a documen..etc), it is temporarily stored in the clipboard. The Windows XP clipboard is in the Album Manager (except for Vista and new version of Windows).
To access it:
Click on Start > Run
Enter the the following command:
Under Vista, this command no longer exists. To add it, just copy the file clipbrd.exe (located Windows/system32 folder of Windows XP) in the Windows/system32 of Windows Vista.
You can also download the executable file, then do a right click> Run as administrator, and the command will be added automatically.
Other programs also allow you to display the contents of the clipboard, for example: