We investigate free product structures in R. Thompson's group V, primarily by
studying the topological dynamics associated with V's action on the Cantor Set.
We show that the class of free products which can be embedded into V includes
the free product of any two finite groups, the free product of any finite group
with Q/Z, and the countable non-abelian free groups. We also show the somewhat
surprising result that Z^2*Z does not embed in V, even though V has many
embedded copies of Z^2 and has many embedded copies of free products of pairs
of its subgroups.