Mimic the X11 Primary selection
Python 2, 64 59 bytes
Input is a list of integers, 0 for select and 1 for paste. Outputs by modifying the input list.

def c(o,p=[]):
 for y in o*1:p=[o*1,p][y];o[len(o)/2:0]=p*y

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Commented:

def c(o, p=[]):
    # o is the current output, p the current clipbord value
    # Iterate over a copy of the input list
    for y in o*1:
        # If y==0 (select) assign a copy of o to p
        p=[o*1,p][y]
        # Replace the empty slice at index len(o)/2 with:
        #  - a copy of p if y==1 (paste)
        #  - an empty list otherwise
        o[len(o)/2:0]=p*y

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