To place "sound" on the clipboard, use the SetClipboardData API function:
HANDLE SetClipboardData(
UINT uFormat, // clipboard format
HANDLE hMem // data handle
);
and pass in either CF_WAVE or CF_RIFF as the uFormat parameter.
Retrieve the "sound" using the GetClipboardData function:
HANDLE GetClipboardData(
UINT uFormat // clipboard format
);
Check out the Win32 SDK help for more info. on using the clipboard.