In the name of Digg, Kevin Rose is out again predicting something about the upcoming Apple’s Media Event. With all confidence he said that cut and paste functionality on the iPhone would be available with the to be released iPhone OS 3.0. Kevin was talking about this during the live Diggnation show at SXSW in Austin.

He even delved into the detail of how the cut and paste functionality would work. According to him, users would either double tap on a word or magnify the word to cut/copy and then paste. Users would have to pinch and span the boundaries to select words for copying or cutting. 

Other interesting features are also hinted at the meeting. However, when asked about MMS, multitasking and video recording, he said none of those features would be part of 3.0. As some of his guesses made in the past turn out true, there are chances that this blabbing could have some creditability.