After many great suggestions from @Stephen Lead and others, I have a solution:
# Clips rasters with a polygon featureclass
import arcpy
from arcpy import env
from arcpy.sa import *
arcpy.CheckOutExtension("3D")
# Set Over write
arcpy.env.overwriteOutput = 1
# Set the workspace
env.workspace = r"Z:\temp.gdb"
Dir = env.workspace
# Local variables:
counties = r"Z:\temp.gdb\boundaries\counties"
counties_lyr = arcpy.MakeFeatureLayer_management(counties,"counties_lyr")
# Get the list of rasters to process
raster_list = arcpy.ListRasters("*_clp")
print raster_list
for raster in raster_list:
# Define name and location for output raster
name = Dir + "\\" + str(raster) + "_clp"
# Process: Raster Domain
arcpy.RasterDomain_3d(raster, "in_memory/temp", "POLYGON")
# Process: Central Feature
arcpy.MeanCenter_stats("in_memory/temp", "in_memory/temp1")
# Process: Select Layer By Location
arcpy.SelectLayerByLocation_management(counties_lyr, "intersect", "in_memory/temp1", "", "NEW_SELECTION")
# Clip Raster
arcpy.Clip_management(raster, "#", name,counties_lyr, "#", "ClippingGeometry")
# Delete in_memory
arcpy.Delete_management("in_memory")
print "processing " + raster + " complete..."
print "All processing is now finished"