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Layin' in the cut 

Patiently waiting to get the advantage on someone. Quietly timing a money making move using the element of surprise.
In the late 80s and early 90s NYC, muggings/ robberies/chain snatching happened all the time. "Layin' in the cut" referred to waiting in a covered location, ie btw 2 buildings or in an alley, for the right opportunity to jump someone or rob.

laying back in the cut 

In a relaxed state, especially with friends while not engaging in any specific activity.
When Allison called, I was laying back in the cut with Will and Jay and didn't feel like engaging in awkward conversation with her.

Laying low in the cut 

"Laying low in the Cut" Would be you were helping with something but you just stuck to the sideline and did your own thing.
I was in a group for class and It was me and three other people and I just let them do the work.
Dude: Yeah you were just laying low in the cut. {Slang} {Lazy} {Chillen}

laying back in the cut 

To avoid doing your part. Not participating or using your talents for the good of others.
You need to mow the grass instead of playing video games and laying back in the cut.
laying back in the cut by Walneto August 30, 2010

lay in the cut 

To hang out in the background.
"Shit dogg! You lay in the cut straight sittin' in yo' ass and gettin' yo' drink on and yo' snack on, while we floss and fly this mofo all over this bitch." -Delta commercial
lay in the cut by Nick D February 24, 2004

lay in the cut 

Additional info: probably in reference to relaxing in a Cutlass Supreme automobile.
"Hey Putney, where you been?"

"Laying in the cut."

- Putney Swope
lay in the cut by Fog Hanson April 5, 2005