You need a search cursor and as you loop through the feature class table create a feature layer with each feature, then use the feature layer to clip your raster. Here is a little bit of code that should help.
Wrows = gp.SearchCursor(WatershedPath)
Wrow = Wrows.next()
Nfeatures = gp.GetCount_management(WatershedPath)
gp.addmessage(str(Nfeatures) + " Records to Process")
count = 1
while Wrow:
[INDENT] WFValue = str(Wrow.GetValue(WLayerF))
gp.addmessage("Processing watershed " + str(WFValue))
gp.MakeFeatureLayer_management(WatershedPath, "lyr", "OBJECTID="+str(Wrow.OBJECTID))
gp.ExtractbyMask_sa(IFI, "lyr", OutFolder + "/" + WFValue)
gp.delete("lyr")
Wrow = Wrows.next()[/INDENT]
Watch for the indent as I just can't figure out how to post python code like in the old forum. How the hell does one post code in this contraption?