Well, if that action listener is attached to a button, then the source will be that button and has nothing to do with the component that you want to act upon. So I don't think you really want to call paste on that anyway. I was merely addressing the casting problem.
You may want to take a look through some of the tutorial on implementing copy and paste: http://java.sun.com/docs/books/tutorial/uiswing/dnd/textpaste.html