I never find anytool to clip outside polygons (Maybe it locates somewhere:-) ). In order to do that, I do as follows:
1. Make the polygon edittable, and select all features in this file
2. In Create Feature window, choose Auto completion Polygon in Construction tools, and draw a big rectangular covering all polygons, and covering the raster extent also. You will get a new polygon with holes which are your lakes. Export the new polygon to a new file.
3. Clip raster by this new polygon file.
It does not take much time, doesnt it?
Huong