pressing CTRL and the V key allows you to paste
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CTLR + V + enter does not exist
CTRL + V - paste text that you have in cache memory
CTRL + enter - this shortcut enters manual page break.
In Word 2007 you can copy a text box (which cannot be rotated by degrees), then ctrl/alt/v and it will paste as a "picture" - which can be rotated.
Like in other applications, pressing and holding the Ctrl key and then pressing V will paste anything you have copied to where you have selected. So it is used to Paste.