Can Third-Button Paste be emulated on the Mac? [duplicate]

On Linux if you highlight a section of text then click somewhere with the "third button" (on some mice its the scroll wheel, often its just clicking the right and left button together) it will paste the selected text at your new location. I know it sounds like a small thing but if you get used to its work flow you'll notice just how annoying it is to have to click CMD-C, move mouse, CMD-V every time you want to copy / paste.

I'm using the touchpad on my MacBook Pro and with all the nice things you can do with three finger scroll, etc., I assumed there must be some way to duplicate this behaviour in the Apple world - can I configure my touchpad to paste?

Possibly a duplicate of this question: Can I copy by highlighting and paste by middle click on Mac OS X?

On this question, the highest voted answer suggests that you use BetterTouchTool (download from here: http://www.boastr.de/BetterTouchTool.zip)