Is there any way that I can copy some text from my guest machine and use it to paste in my host machine.I have install virtual machine latest version thats avaiable on the site?Right now its not working.Is this facility available?
I have another question regarding virtual machine.I have changed my network setting in the guest machine and I want to have the same settings the next time I login How can I save the sate of the machine and next time I open the machine the machine must have the same old settings.How do I go about doing this?

When Guest Additions is installed you can do that

I have the Guest Additions installed.

In the VirtualBox management GUI, for the problem VM -> General -> Advanced is the clipboard Bidirectional?

You can make network settings permanent in the guest OS exactly as you would if it were running on real hardware. Trying to get VirtualBox to remember those settings is equivalent to trying to get real hardware to do so.

Catkin,
The clipboard settings are bidirectional but even then I cannot copy form and to the guest/host virtual machine and vice versa.How do I make the settings permanent.Its the settings in the browser of the guest OS I am talking about here.

When Bidirectional is set and Guest Additions installed, copy and paste between host and guest and vice versa normally just works. Are you able to copy and paste within applications running on the guest? What are you copying? How?

You said you "have changed my network setting in the guest machine" but you actually mean in the browser. What's the browser? Firefox?

The guest OS is fedora and the host OS is Windows XP.I am attaching the screen shot of the session information.There it says that the guest additions is not detected I dont know why is it so.This may be the reason why is failing to copy the clipboard across the OSes.I am able to copy paste between the applications in the guest OS.I am trying to copy the URL from the guest and the host machines.

Yes I have configured the proxy setting in the Mozilla browser in my Guest OS fedora.Now everytime I shutdown the virtual machine the settings of the proxy are gone and I have to reconfigure them.How can I avoid this.

Most likely GuestAdditions are not installed. When you click on Devices -> Install GuestAdditions for a Linux guest, all it does is insert a virtual CD/DVD into the virtual CD/DVD drive. You then have to mount the CD/DVD etc. There are sevarl pages about doing so for a Fedora guest listed here.

Regards making the configuration of whichever Mozilla browser you are using permanent, that question is not specific to VirtualBox. If it is Firefox, the settings are normally stored under .mozilla/firefox/<random sting>.default in the user's home directory. Does such a directory exist and does the user have write access to it?

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Check for latest additions?

Catkin the directory your are mentioning is not present in my directory.How do I configure it if its not present.

It is normally created automatically by Firefox. Are any of its parent directories present? Does the user have rwx permissions on them?