Lyric discussion by odzuba 

Cover art for Cut It Up lyrics by Lawrence Arms, The

It's obviously about cocaine use. Cuting is a term asscioated with preparing cocaine for use.

"Cut it up and hand it over, I dont want to remember"

This means hes using cocaine to forget painful memories.

"this is more than waking up when you're still at the bar"

His cocaine use is worse than alcohism.

Thats what I think the song is about, not "emo haircuts"