A phrase that is used used to signal, perhaps impatiently, a desire for something to begin. It could be a project, a trip, asking someone out--anything for which preparations have been made, and a specific goal is to be achieved.
1. "All right people, let's cut this biscuit!"
2. A: "So you ready to hit the party? Jenna's going to be there, you know."
B: "Yeah, man, let's cut this biscuit."