No one knows when Apple will add a copy and paste function to the iPhone, but one company called Proximi proves it can be done by adding it to a new application called MagicPad. MagicPad is essentially better than the iPhone’s native "Notes" application, because it gives the user the option to modify font type, size, color, and of course, copy and paste data.
The application is currently awaiting Apple’s approval for inclusion in the Apple App Store so it may be days or months before we can get our hands on it. Unfortunately, the cut and paste function only works within the application, which means we still have to wait for Apple to include this functionality in a future software update. And so the frustration continues.