The Snipping Tool can be accessed from the Start button at the desktop's left-buttom corner: All Programs->Accessories->Snipping Tool.
If you are like me who could not see it, you should add it via the Control Panel: select Programs->Programs and Features->Turn Windows feature on or off (you need Administrator privilege to do it). In the dialogue, check the Tablet PC Optional Components.
Now you have the Snipping Tool installed.
See? We should not blame ourselves not having this useful tool installed. Who would know that a regular PC should install Tablet PC optional components? I guess only Microsoft knows.