The terminal window has a neat trick that allows you to select blocks of text any place they lie on the screen. The trick is the Option key. When you hold down the Option key the cursor will changes into a cross and you can then select blocks of text - without having to get entire lines.

You can then go even one step further. After you select your block of text, hold down the Command key. You can then let up the mouse and keep selecting other blocks of text. For example, here's what it looked like when I did this several times.

terminal window with multiple text blocks selected

Once you have all these blocks selected, you can perform normal editing operations on them like copying and cutting.

This all works for me on Leopard, unsure if it works this way in prior versions of OS X.