You can also click and drag to select move than one line or more than one paragraph. I may have forgotten a selection method or two, but you have plenty to work with if you use the ones listed above. Most of these methods are universal to all Windows applications. The toolbar buttons are the easiest to get to and recognize. The text to the right of the selection fills in the gap.
COPY does just that.
It copies the selected text to the clipboard, leaving behind the original. You can now click with the mouse or move the cursor with the arrow keys to the destination for the paste operation. If you abhor toolbar buttons, you could accomplish the same task with the EDIT menu. This also works if you use the north-east arrow menu to select text, then click the right mouse button. When you right-click, your selection disappears.