ICODEX ARC is a FREE tool which empowers Windows with this cool feature across all applications
“Do you have bits of information that you reuse over and over again, and you’re frustrated by re-typing it each time? For example entering conference call numbers into calendar entries, sharing URLs, product information, maps to your home or office, pre-written response text to emails, etc? “
Alan Lepofsky posted this great tip in his blog. You can even use it in the Lotus Notes Designer to paste you favorite code snippets into the designer pane.