Thanks everyone for the suggestions. I have had some success using the methods you suggested, but still some problems. Let me explain a bit more....
When I try the above technique, I am not able to perfectly key out the color because of anti-aliasing around the edges of the "clipping object". When I key it out, there are some of the clipping object's color is still visible.
So, to be more exact, I really do not want the "background color", but I want no color when the clipped object is rendered. For example, in AM when you render as a png, it gives the background color an alpha value so that it is really invisible. So, if you have an object in the middle of the scene and render it as a png, the resulting image is simply an that object, with no color in the background... this object can be easily composited in an editor because the background has an alapha that makes it invisible.
I want to do something similar with this clipping object... whenever pixels are to be drawn from this object, it simply renders them to an image alpha that makes a hole in the image in the shape of that object... the same thing that is done with the background for png, but do it with an object.... is that possible?
-Adam