Copy/paste with gui objects?

Here's some pseudo code of it. Should help you understand the logic:

when the player presses a key, do the following: 
	If the player presses control, then see what the next button they're going to press is. 
		If they pressed "C", then 
			if there is text highlighted then
				put all the text into a variable named 'clipboard' 
				tell the player that their text has been copied onto the clipboard / highlight text
			end
			--do nothing if there's not any text highlighted
		end
		
		--player wants to paste...
		else if the player pressed "V" then
			if there is something in our clipboard then
				if all the text is selected then 
					make the textbox text the clipboard's text
				else if they text isn't selected then
					add the clipboard text to what's currently in the textbox
				end
			end
		end
	
		else if the player presses "X" then
			if the player has text selected, then 
				add the text to the clipboard variable 
				make the text in the textbox empty (" ")
			end
		end
	end
end