chut is short for chutney, and both quickly became slang terms after someone exclaimed "chargrilled chicken chutney" as a spectacular football play was being executed. chutney became widespread as a polydefined slang term such as fuck, and was quickly and naturally shortened to chut soon thereafter.
what up chut! (greeting)
lets bounce back to my crib and burn some chut. (thinly veiled drug reference)
i'm about to go drop chut. (i.e. about to take a dump)
also used to make up fictitious names and titles:
sir william chuttingsley of chutsforth
duke chutter, the earl of chut
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