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1.
The act of removing/blocking friends and contacts on social networking sites such as Bebo, Facebook, etc. and Windows Live Messenger which you either:

1. Previously accepted as a friend/contact without knowing them (which has become common amongst young teens with social lives which lacks outside of a computer) and have decided to get rid of them

or

2. Have known for some time, but have drifted apart and have not spoken to in months, maybe years (often applies to a friend-of-a-friend whom you had a conversation with once and left it there)

In today's world were everything is business business business, and along with the current everlasting recession, the same should apply to social networking, as we simply cannot afford to know everyone.
I had 200 contacts in my MSN address book, so I made some cut backs, you know with the recession and shit, so now I have about 80.
by James the Paranoid Android August 13, 2009
 
2.
(in surfing)
a maneuver which consists of when riding a wall, quickly turning back the opposite way and then turning again to original direction.
(probably only makes sense to you if you surf, sorry)
'i did this epic cut back on a huge 4 meter wave yesterday, but i got wiped out'
by 3'buenos'14's December 26, 2009
 
3.
When you ask for a raise and your manager tells you its not that we arent paying enough its that you are spending too much
How many times a day are you eating you need to cutback
by Jose February 11, 2005