Tired of your Blackberry friends teasing you about your iPhone 3G not being able to do a simple cut and paste of text? Well it’s time to do some teasing back.

Some have already attempted to develop methods to bring cut and paste to the iPhone, but have always gone through the Apps store and not been terribly successful. Pastebud takes a different approach and combines javascript bookmarks and other webservices.

The program will operate between Mail and Safari and allow you to take pieces of text and transfer them to new messages. This is technically not a full cut and paste function as it only allows you to do this through only those two applications, but it does address many people’s complaints as these are the two most heavily used programs.

The Pastebud service is scheduled to launch December 12th as the programmers are still putting on the final touches.

Check out the demo video of what to expect: