Paste Inside in Illustrator?

Okay, so before Soulty, Senocular & Lostinbeta attack me I checked the forums and found no help :pa:

for those of you whom are familiar with Freehand, it has a function that makes it almost worth switching from illustrator… :td: (not really)

The PASTE INSIDE function allows you to select an image be it raster or vector and paste into any vector shape. (wonderfull tool!)

Is there any function that is similar and efficient in Illustrator?