1. (Literally) to cut cheese up into smaller pieces, like slices.
2. American and Canadian term, meaning to fart.
'Who cut the cheese? Who cut the cheese? I ask you please, did you cut the cheese? I'm not adverse to learning, tell me why my eyes are burning? Who cut the cheese?' - Two and a Half Men.
The term was originated when someone sliced
into a new wheel of cheese, but most likely
a brick of Limburger cheese... which stinks
terribly despite it being fresh cheese.
(If you HAD smelled Limburger cheese before,
you know what I'm talking about!)