If you're using .net and your ultimate goal is to save the file, there's a LOT easier way,
Here the code in C#, porting it into VB.net won't be hard, I'm just too lazy to do that :)
Anyway, you do have to save it somewhere before you can paste it so...
It loads the file to the Picture box and again saves it to a file, (lame, I know)
and set the clipboard data as a copy operation
then when you paste (Ctrl+V) it, it gets pasted.
C#
__
Bitmap bmp;
string fileName=@"C:\image.bmp";
//here I assume you load it from a file, you might get the image from somewhere else, your code may differ
pictureBox1.Image=(Image) Bitmap.FromFile(fileName);
bmp=(Bitmap)pictureBox1.Image;
bmp.Save(@"c:\image2.bmp");
System.Collections.Specialized.StringCollection st = new
System.Collections.Specialized.StringCollection();
st.Add(@"c:\image2.bmp");
System.Windows.Forms.Clipboard.SetFileDropList(st);
</pre>
and viola tries pasting in a folder the file image2.bmp will be pasted.