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2.
A person who tends to push very hard to get the best end of the deal. Or, a person who is very high maintinence once a deal is made.
"I told this guy the car/TV/crack rock was $200 and he kept on trying to talk me down for 30 minutes, what a "nut cutter."

"The hitman agreed he would cap my cheating boyfriend for $3000 and a gas card, now he wants to haggle over the AMOUNT of the gas card. What a "nut cutter!"
by A pimp called 'Slickback' May 01, 2006
 
1.
Jeans and/or shorts (any bottoms, really) so tight they force the balls to split/go in opposite directions, so that it looks like you have two pockets full of change.
1. If John Stockton's shorts were any shorter, or any tigther, they'd be considered nut cutters.
2. Remember dat host-dude who wore neon shorts on Wild & Crazy Kids? Dem were some nut cutters, fo' real! It looked like he had about $20 worth of change in dem pockets!
by Dezden September 07, 2005
 
3.
Noun: Refers to that fugly short shorts worn by men in the 1980's that almost revealed a nut.
Ha,ha. Look at this picture, you used to wear nut cutters!!
by DGunner71 August 18, 2005