To be honest, Dash Clipping doesn't really turn any part of a web page into a widget. Instead, the application lets you select a part of a web page and view it from your desktop. Resize and position the screen until you're happy with your selection. You'll then be able to monitor it straight from your Dashboard. You can set the page to refresh at different times, from every hour up to every day.
Dash Clipping is simple to use, and it can be fun just to view a specific part of a web page instead of opening it up completely. Also, if you click on a link from the widget, it'll open up directly in your browser. It's a shame you can't create multiple widgets and keep them all on your Dashboard though. Yet, even though Dash Clipping feels a bit rough on the edges, it's a cool way to replicate the Web Clipping tool feature to come in Leopard.