Absence of copy & paste feature in iphone hurts especially while surfing the internet.Though apple will release new firmware update to add these extra functionalities it is long way now.Here are two third party application which can add copy & paste functionality to iphone.

It is a application for the iPhone and iPod Touch that allows you to copy and paste text and URL's between web pages. You also have the option of emailing copied text or URL's.
But this app requires internet to do the job.Works only while surfing.

It is a text editor,just like notepad.

Cut, Copy & Paste

Tap and drag across text to copy it, and then paste it within the document or to a brand new note.

Create Rich Text Documents

Choose from 6 different font styles, 5 different sizes, and 8 unique colors. Addbolditalicsunderline, and strikethrougheffects to make your documents standout.

Email Your Documents

Send your rich text documents to anyone via e-mail.