The iPhone Tip Series 8 - Cut, Copy and Paste

To cut, copy and paste on iPhone, Simply double tap a word to select it and then drag the handlebars to make your selection. Alternatively tap anywhere with editable text. Then tap to cut, copy or paste.
To copy something from safari, etc touch and hold the text to select and then cut, copy or paste.
To undo an edit, shake the iPhone and tap the undo button. Works the same way on iPad