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1.
a person you only have sex with.
"Hey girl whats going on, who is that guy with you?"

"Who him? Oh he's my cut buddy"
by Unknown December 30, 2003
 
2.
Friends with benefits
Sex free of feeling or emotion is with a cut buddy
by Altiaca October 13, 2004
 
3.
male or female who is not you main squeeze its just someone you get it done with from time to time

that's not my boyfreind thats just my cut buddy
by Carrie W March 22, 2007
 
4.
Somebody you pay for helping out to do a heist
When you split the loot after doing a job you give your cut buddy a cut of the haul.
by Robert N. January 11, 2008