Clipboard Launcher provides a quick method of editing items in your clipboard.
Whatever you've just copied the Clipboard Launcher will open (launch) it in the most appropriate application.

This includes Images, Text, URLs, Folder locations, XML, Files

Whilst the Clipboard Manager is not an out and out clipboard manager it does store recent clipboard activity. Each item added to the Clipboard Launcher is grouped by the application the data was copied from. This aids the quick navigation, and lauching, of your most recent clipboard activity.

You can also choose to disable the storing of item items copied from certain applications, or see the items specific to an application. You could, for example, see all the clipboard activity for Google Chrome, or disable the logging of items copied from Notepad...

Clipboard Launcher runs in the system tray , quietly, without bothering you. If you want to launch something you just right click the Clipboard Launcher in the system tray and then click the last item you copied. Simple. Two clicks and...
...you can have that image of Peter Cook, you found on some website, opened in MS Paint
...or that dirty XML string from some backward web service opened in Visual Studio
...or browse to that directory from your latest build
...or browse to that website using that URL some putz forget to make hyperlink'd