If you're using .net and your ultimate goal is to save the file, theres a LOT easier way,
Here the code in C sharp, porting it into VB.nt wont be hard, I'm just to lazy to do that :)
Anyway you do have to save it some where before you can paste it so...
It loads the file to the Picture box and again saves it to a file, (lame, I know)
and set the clipbaord data as a copy opertion
then when you paste (Ctrl+V) it, it gets pasted.
C#
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Bitmap bmp;
string fileName=@"C:\image.bmp";
//here I assume you load it from a file , you might get the image from somewere else, your code may differ
pictureBox1.Image=(Image) Bitmap.FromFile(fileName);
bmp=(Bitmap)pictureBox1.Image;
bmp.Save(@"c:\image2.bmp");
System.Collections.Specialized.StringCollection st = new System.Collections.Specialized.StringCollection();
st.Add(@"c:\image2.bmp");
System.Windows.Forms.Clipboard.SetFileDropList(st);
and viola try pasting in a folder the file image2.bmp wil be pasted.