The Collaborative International Dictionary of English v.0.48:

Cutaway \Cut"a*way`\ (k[u^]t"[.a]*w[=a]`), a.
   Having a part cut off or away; having the corners rounded or
   cut away.
   [1913 Webster]

   Cutaway coat, a coat whose skirts are cut away in front so
      as not to meet at the bottom.
      [1913 Webster]

WordNet (r) 3.0 (2006):

cutaway
    n 1: a representation (drawing or model) of something in which
         the outside is omitted to reveal the inner parts [syn:
         cutaway, cutaway drawing, cutaway model]
    2: a man's coat cut diagonally from the waist to the back of the
       knees