If you have lost your shortcut to the Snipping Tool the program can be found at C:\Windows\System32\Snipping Tool. You can create a new shortcut from there.
If you have problems saving a snip it is probably because you have lost the file folder called Pictures (not My Pictures). You must have this folder in C:\Users\Your user Name\Pictures or the Snipping Tool program will not save any snips. Hope this helps all those with this problem.
With 'Save as' under 'File' you can save a snip wherever you like. And the snip is also kept on the clipboard. So you can paste it into e.g. a Wordpad or Word page.