Green’s Dictionary of Slang

(US) to reminisce, to talk over.

1960, 1975		Wentworth & Flexner DAS.
1973		E. Bunker No Beast So Fierce 28: ‘How’s Selma?’ ‘Same old shit. We’ll cut it up when I get there.’.
2001		(con. 1975–6) E. Little Steel Toes 150: Me and old Shelton are gonna cut it up like the gentlemen we are.