Clip is one of the utility that comes around with Server version of Windows and looks like its is getting distributed along with Windows 7 also. I am using the Ultimate flavor.
In simple words this utility can get data inside clipboard and outside clipboard. For example if you want to copy any data from command prompt to clipboard, so that you can use ctrl + v directly, all you need is to use | clip at the end of whatever you are doing. Here is an example :
The only need is that whatever you execute in the command prompt should give output like Dir command which lists all current directories in the current path. In similar fashion you can send a file to clipboard from command line to the clip and it gets all the data into the clipboard. Next is just use Ctrl + V to paste it any where you want.