Mel,Embedding iterators is possible but not a very easy process, considering some of the naming conventions and parameter assignments that need to be made.Inline variable substitution could be used if you happen to have rasters with similar names as the polygon clipping extents.For example, if Raster_1 needs to be clipped by Extent_1, then only one iterator is necessary and a simple model using the inline variable identifying each raster and extent could be used.Your CSV idea would work if you used python to read the CSV:
import arcpy
import csv
csvfile = open('test.csv', "rb")
reader = csv.reader(csvfile)
i = 1
for row in reader:
text = row.split(",")
inraster = text[0]
extent = text[1]
outraster = text[2]
arcpy.Clip_management(inraster, extent, outraster, "", "", "NONE")
i += 1
This is not tested, but simply put, it reads a csv file (second row since first row is probably headers), and splits the row at the commas. The first value of the row is the input raster, second is the polygon extent feature class, the third is the output raster location and name.Hopefully this gets you going in the right direction.Best,Chris B.