The most used application on my Mac must be Jumpcut. It's a no frills clipboard extension which saves your last x clipboards, where x is a user defined value (mine's at 40). There are two interfaces to your clipboard history, one in the menu bar through a drop down menu and one pop-up activated through a hot-key.

By setting the hotkey to Command + Option + v, you can cycle through your history by holding Command + Option and pressing v repeatedly until you find what you are looking for. You can also use the arrow keys and numbers at this point.

Best of all: it's open source and free.