1. fresh-cut - cut recently; "fresh-cut flowers" fresh - recently made, produced, or harvested; "fresh bread"; "a fresh scent"; "fresh lettuce"

Is it fresh cut or freshly cut?

"Freshly-cut" is an adjectival phrase . To my mind it's one or t'other. Not 'Fresh cut flowers' which sounds 'wrong'.

What does cut it mean slang?

phrase. If you say that someone can't cut it, you mean that they do not have the qualities needed to do a task or cope with a situation. [informal]