Windows Clipboard is pretty useful feature, but at the same time it is limited to just one item at a time and also does not offer an interface. Shapeshifter is the freeware tool which is ultimate clipboard manager for the typical Windows power-user. It allows you to have several items in your clipboard (copying several items), and easily swap between them. Furthermore, it improves the way Windows handles copied information, by compressing it in the memory.
You can copy from multiple locations including text or images or even files. When you press CTRL +V to paste the content, Shapeshifter comes to action, it shows all the previously copied text or image or files in a single window and you can easily select the item.
With this program, you can even copy customized data that only your applications understand, and all other data formats supported by Windows as default. Furthermore, for each individual item, you get additional details about the item, and an icon shows up as well to more easily distinguish between them.
The history in Shapeshifter can be cleared by holding down CTRL + V, and holding down the Delete key on your keyboard, for more than 500 milliseconds (0.5 seconds). You may also clear a single item in the history by pressing Delete once.
A clipboard item in Shapeshifter can be pinned so that it stays in the top of the list, by holding down CTRL + V, and then pressing the Home key on your keyboard.
Overall Shapeshifter is an effective tool for managing Windows clipboard. It is supported on Windows 7 as well.