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1. The major difference between the system Clipboard and Office clipboard is that the system Clipboard can retain only the most recently copy-pasted item (meaning it will replace the previous item when you copy a new one), but the Office clipboard will retain the last 24 items copied.
yes
The clipboard will hold one item; that being the last item that was cut or copied. There are numerous utilities available that will expand the clipboard to hold numerous items.
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yes
Yes it does
Cut and copied items are temporarily stored in a clipboard, a special data storage area in your computer's memory. When you cut an item, it is removed from its original location and placed in the clipboard, while copying duplicates the item, leaving the original intact. The clipboard retains this data until you cut or copy something else or restart your device. You can then paste the item from the clipboard into a different location or application.
Removing a selected item from a document and placing it in a clipboard is called cutting and pasting. Microsoft Office Clipboard allows up to 24 text or graphics to be copied and pasted into another document.
1. How do I delete an item from the Office Clipboard? How do I delete all the items from the Office Clipboard?
You can use insert option to place the item from clipboard into the document. It is the easiest way to transfer items from clipboard.
its stored in the clipboard
In general, no; Mac OS X keeps no record of items you've copied in the past. That's not to say that nothing does. For example, Quicksilver (qs.blacktree.com) is able to watch your clipboard and keeps up to 10 recent items on hand.