This might be extraordinarily simple, but I am playing with Emacs (22.1.1) and I can\'t get it to paste text in the clipboard using Control-Y.
That's strange.
I use command-V, and it works every time.
When you focus on the terminal window, anything you paste through command-V becomes separate keystrokes sent into the terminal.
I use Mac OS X 10.5 (Leopard) and emacs 22.1.1.