To the best of my knowledge (supported by googling), Windows Live Mail doesn't have a dedicated clipboard; it simply uses the Windows one.
Early versions of Windows enabled you to view the clipboard's contents directly but that facility was removed for Windows 7 and later. So, if you want to see what's there, you now need a third party application, such as this freebie:
http://download.cnet.com/Free-Clipboard-Viewer/3000-2384_4-75335506.html
(Since the download button shows 'Secure download', rather than 'Installer enabled', you shouldn't be offered any unwanted 'extras' when installing that program. However it would be wise to look for any pre-ticked options before clicking 'Next' anyway).
Alternatively, ditch the Windows clipboard and use a proper clipboard manager:
http://ditto-cp.sourceforge.net/