Copied selection goes where?

[fribo]

I'm a brand-new and extremely satisfied user of WavePad. This is my first post. What I'd like to do is select a song from a long track I recorded from streaming audio, copy it, and paste it into the My Music folder or somewhere else where I could add to that folder with subsequent copies of selections. Is this possible? I know the copied selection goes to the Clipboard, but I don't know the various destinations I can paste to. I successfully selected one song today from a long stream and copied it, but I don't know what to do with it now. Thanks for any help.