Like sdn1977 will tell you, retail and institutional practice settings are both clinical...so the term is irrelevant. (i read this forum too much)
But since you probably mean institutional settings (read:hospital), pharmacists will (some more than others)...
-Enter orders, while checking dosage and indications, compare with labs when needed, calling MDs/RNs to clarify orders on occasion
-Go on morning rounds
-Monitor for drug interactions
-Med reconcilliation (basically seeing what meds the pt is taking when admitted)
-Answer questions regarding anything with medications from nursing, ranging from "if someone is allergic to keflex, can i give ancef?" to "how fast should i run this bag of k-phos?"
-Answer questions/make suggestions when talking to MDs
-Check meds going up to the floors
-Floor audits and other scutwork that no one wants to do but has to be done
-Do crossword puzzles/sudoku/tetris/solitare on their computers
-Work on special projects (formulary review, new policy/procedure, etc)
-Precept young, wet-behind-the-ears students, like myself
There's a lot more to it, but this is just what I mostly observe on a daily basis. ICU pharmacists are slightly different and have more work in the wards (as opposed to stuck in the basement doing order entry), but other than that, I'm not up there enough to comment on what they do.