To 'be cool'. Implies to the target that they should either become cooler or maintain their current high level of coolness. Comes from the action of making 'ring bling' by cutting a metal pipe into segments. The rings made can then be worn on the fingers, increasing ones coolfactor.
"Hey man, cut the pipe!"
"see yah guy, cut the pipe!"
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Did you see that guy graffiting the White House? Dude, that guy was totally cutting pipe!
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To cut the shit before your done
Omg my phone is ringing I have to cut the pipe (your in the middle of shitting and the poop is coming out ur ass and u cut it in half before it fully out)