We present a detailed analysis of the multimode quantum state embedded in an optical frequency comb generated by a Synchronously Pumped Optical Parametric Oscillator (SPOPO). The full covariance matrix of the state is obtained with homodyne detection where the local oscillator is spectrally controlled with pulse shaping techniques. The resulting matrix reveals genuine multipartite entanglement. Additionally, the beam is comprised of several independent eigenmodes that correspond to specific pulse shapes. The experimental data is confirmed with numerical simulations. Finally, the potential to create continuous-variable cluster states from the quantum comb is analyzed. Multiple cluster states are shown to be simultaneously embedded in the SPOPO state, and these states can be revealed by a suitable basis change applied to the measured covariance matrix.