Can a ctrl-cut/copied text be reverted to a previous unpasted text ?

If you’ve not saved the file since cut/paste, simply “undo” with Control z.

What OS are you running? You’re asking if there is a way to view the clipboard’s history, correct?

Edit: Looks like Windows Vista and Win 7 requires third party tools. If you have XP, you should be able to run clipbrd.exe.

The Windows clipboard (as far as I know) only holds “the most recent” copied or cut item for direct use. However, previous contents are still “available” for use by the system, such as when a user makes a string of “undo” commands (when applicable), which can restore more than one previous change in a document or file.

There are a fair number of shareware and freeware “clipboard replacements” (and some Microsoft Office products themselves offer the same functionality) that purport to allow multiple clipboard entries to be used at the operator’s choice, but I have no experience with them.

It will depend on either the applications ability to store this function or a 3rd party add-on that does this globally.
If you do a lot of type work with copy paste cut functions and wish to scroll back, you certainly would be well served by an advanced 3rd party tool to help you with this.