On my computer the clipboard is found at Windows/system32/clipbrd.exe
A clarification here: clipbrd.exe is *not* the clipboard. It's the
clipboard *viewer*. The clipboard itself--the place where what has
been clipped is stored--is in RAM.
Whether someone wants to use the clipboard viewer is of course up to
him, but personally I see no use for the clipboard viewer and never
run it. If I cut or copy something to the clipboard, to see it I paste
it where I want it. If it should turn out not to be what I want, I
simply delete it.