Fallowing link for downloading Snipping tool that is a type of XP snipping tool that supports Windows 7 Home Basic.....You must try it.
Now you can use Snipping tool on Window 7 Home Basic
It perfectly works on Window 7 Home Basic Home Basic and you will enjoy it.
It work same as other Snipping Tool.
If you are not able to get this by given link search Jays XP Snipping tool.
I am also using this tool and it is working so good as other Snipping tool which are not available in Window 7 Home Basic.