During a live taping of Diggnation, Kevin Rose revealed details about the expected "Copy and Paste" functionality coming in iPhone 3.0. World of Apple reports on the event with a link to a video of the moment (warning: strong language).

According to Rose, to invoke Copy and Paste, you simply double tap on the word, and a magnifier bubble will appear with two quotes that you can drag around your selection. Once you make your selection, you can copy, paste or cut. Rose has been accurate in the past with details about upcoming Apple product revisions. As well, we have also heard that Copy and Paste will be arriving in 3.0 alongside a much improved homepage/springboard with the ability to organize in categories.

Apple will be revealing iPhone 3.0 in detail on Tuesday, March 17th at a special media event.