Suddenly the cut button could not be available any more in Excel 2010. It might be greyed out and not functional.
An Excel file is damaged. Close Excel, search for the file "EXCEL14.XLB" and delete it.
In normal case the file is located at C:\users\%username%\AppData\Roaming\Microsoft\Excel\
Die cut button should now work again.
This workaround does work with Excel 2007 to (corresponding to the file EXCEL12.XLB which has to be deleted)