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1.
To leave without debate or facing the issue.
Person 1 : "You think you're a celebrity because of your notoriety as a complete tard"
Tard : "I be stars, man."
Person 2 : "Nice Cut & Run. You just proved you are indeed a moron. Even the army of Tardistan wouldn't let you enlist."

von NonTard 10. Mai 2007
 
2.
verb phrase To expel intestinal gas ("cut a fart"), then leave before you are discovered.
Dubya43: if we cut & run teh terrists winz
colbear: Smells like "MISSION ACCOMPLISHED"!
von campylobacter 1. Februar 2007