This is a Windows system installed file with Windows File Protection (WFP) enabled.
clipsrv.exe has 47 known versions, the most recent one is 5.2.3790.1830 (srv03_sp1_rtm.050324-1447). It is started as a Windows Service called 'ClipSrv' with the name 'SYSTEM\CurrentControlSet\Services\ClipSrv'. The average file size is about 38.67 KB. Numerous variations of clipsrv.exe have been installed with both Winstyle Moonlight and Seven Remix XP 2.41.
DDE is a protocol built into Microsoft Windows that allows users to share data between applications, either on a local machine or across a Windows Network connection. As the name suggests, DDE is a method for Windows applications to communicate with one another and share information in a dynamic fashion.
(Note, the behaviors below are for all versions of clipsrv.exe, select a unique version for details.)
Runs under 'SYSTEM\CurrentControlSet\Services' by the Service Controller (services.exe)
United States installs about 34.92% of Windows NT DDE Server.