From The Collaborative International Dictionary of English v.0.44 [gcide]:
Cut-out \Cut"-out'\ (k[u^]t"out'), noun (a)
1. (Telegraphy) A species of switch for changing the current from one circuit to another, or for shortening a circuit. (b) (Elec.) A device for breaking or separating a portion of circuit.
2. Something cut out from another object, especially a piece of thick paper or cardboard with a picture on it (as of a person or other object), embedded in a larger sheet of paper and having perforations around the edges of the figure to allow easy removal from the larger sheet. [PJC]
3. A valve in the exhaust system of an internal combustion engine which, when activated, permits the exhaust gases to bypass the muffler. [PJC]
From WordNet (r) 2.0 [wn]:
noun
1: a switch that interrupts an electric circuit in the event of an overload
2: a photograph from which the background has been cut away
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