I'm new here. But in my HTC Hero I have to press shift & press down the scroll-ball at the same time until the menu pop-up. There I choose select text and I can scroll to the end of selection. At the end of selection I have to do the same action above to pop the menu, then choose copy or cut.
When I want to place the selection I pop the menu again, then choose paste.
Hope this will help Hero users. Thanks.
PS: Ah yes, of course we must turn on the on-screen keyboard to get the shift button.