I don't know of a keyboard that replicates Swype's exact behavior (swiping from the Swype button to C or V).
For rapid text manipulation, AnySoftKeyboard lets you swipe up from the spacebar to show a utility menu with buttons for cut, copy, paste, undo, redo, text selection mode, home, end, and the 4 arrow keys. Copying and pasting in AnySoftKeyboard is pretty quick. It's also free and open source.