Action Menu is a new utility that extends traditional Copy / Paste functionality. You can now "Copy All" or add text to a stack ("Favorites") that allows you to paste phrases frequently at any time and in any application.

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The application is free but you can also buy an extension pack (costs $2.99) which will add new features, such as:

• History: keep the history of all copied sentences / words / numbers;
• Lookup: find online matches for phone numbers and words, using Google Search, Wikipedia, Dictionary, and Google Translate;
• Tweet: send selected text through a Twitter client installed on your iPhone (currently support Tweetie, Twitterific, Twittelator and TwitterFon).

We found this utility quite useful. It can be installed via Cydia on a jailbreaked iPhone (iPod Touch).