Yes. It's a little cumbersome, but basically in a text field you can hold down a tap on the edit area and a menu comes up asking if you want to copy, paste, cut, etc. The browser also has a feature where you can select a bunch of text and copy it, though I haven't used this feature much yet, and if you hold a tap on a link, a menu comes up from which you can copy the link to the clipboard, send it via SMS, etc - similar to what you might get by right-clicking a link in a browser.