This is what the clipboard actually looks like when you have HTML as your format in the clipboard:
<TITLE> The HTML Clipboard</TITLE>
<LI> The Fragment </LI>
Some more information on the HTML clipboard format can be found Here
Standard clipboard formats can be found Here
To implement the HTML clipboard in python, I found a class Phillip Piper had written that does exactly what I need, that code can be found Here.
Also in my search I ran across this python script called PathCatcher - From the Doc String : PathCatcher is a Windows utility that allows one to right-click on
a folder or a file in Explorer and save its path to the clipboard. PathCatcher can be located Here