Microsoft Knowledge Base Article 318760 contains the following summary:

This article describes how to install and use the ClipPool tool (Clippool.exe) to share a clipboard between computers.

Clippool.exe is a command-line utility (available in Windows 2000 Server Resource Kit) that allows you to transparently share a single logical clipboard between computers that are running either Microsoft Windows XP, Windows 2000, Microsoft Windows NT 4.0, Microsoft Windows Millennium Edition (Me), or Microsoft Windows 98. After you install and configure Clippool.exe, use it to copy and paste information from programs between computers on the network. For example, you can copy a screenshot on one computer to a document on another computer.

You can use Clippool.exe to copy and paste items that use standard Windows clipboard formats, including text, bitmaps, metafiles, and .wav files. Clippool.exe does not support items such as formatted text and embedded objects.