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1.
A response to a story in which someone has had something bad happen to them, or been cut - a way of recognising that what has happened is terrible, but reserving the right to be sympathetic.
Guy 1 "I organised a night out with everyone, and Tim didn't text me back. Then it turned out everyone went round to Tim's that night so only me and Steve ended up meeting and going out. "

Guy 2 "What a cut"

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Guy 1 to passing friend "Hi!"
no response
Guy 2 "what a cut"
by GaGaOhLaLa May 14, 2010