A slang word for the drug prescription drug diazepam also know as Valium in the Benzodiazepine family. They are highly abused and very addictive with a street value of 50 cents to a dollar a milligram on the street.
The term "V Cut" gets its name from the obvious letter "V" which is cut out of the center of the round pill.
Note that not all Valium have V's cutouts. Only the Roche brand have V cutouts which are more expensive than the generic ones at a pharmacy. Hence why you are unlikely to see any V cuts Versus you everyday generic brand Valium which have a V cutout.
Ivan: Yo kenny you got any V cut's left?
Kenny: Yeah, or wait... maybe not. I don't know if I ate them all, lost them or sold them. I forgot.. You seen my car keys?
Ivan: Get your shit together bro. Your a mess.