My thoughts:
The cut seems like an overplay to me, unless white is strong on the right or has the ladder.
$$Bc
$$ ------------------
$$ | . . . . . . . . .
$$ | . . . . . 5 . . .
$$ | . 7 O O 2 3 . . .
$$ | . . X X 1 4 6 . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
- Click Here To Show Diagram Code
[go]$$Bc
$$ ------------------
$$ | . . . . . . . . .
$$ | . . . . . 5 . . .
$$ | . 7 O O 2 3 . . .
$$ | . . X X 1 4 6 . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .[/go]
There's no need to play

here, since

threatens the group of three, not

. Now, white's in trouble.
$$Wc
$$ ------------------
$$ | . . . 6 . . . . .
$$ | 5 1 . . 3 X . . .
$$ | . X O O O X . 4 .
$$ | . 2 X X X O O . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
- Click Here To Show Diagram Code
[go]$$Wc
$$ ------------------
$$ | . . . 6 . . . . .
$$ | 5 1 . . 3 X . . .
$$ | . X O O O X . 4 .
$$ | . 2 X X X O O . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .[/go]
Now white has to push through and cut in order to live:
$$Wc
$$ ------------------
$$ | . . 7 X . 5 . 6 .
$$ | O O . . O X 2 3 4
$$ | . X O O O X 1 X .
$$ | . X X X X O O . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
- Click Here To Show Diagram Code
[go]$$Wc
$$ ------------------
$$ | . . 7 X . 5 . 6 .
$$ | O O . . O X 2 3 4
$$ | . X O O O X 1 X .
$$ | . X X X X O O . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .[/go]
And the result doesn't seem good for white.
Instead, white could play like this:
$$Bc
$$ ------------------
$$ | . . . . . . . . .
$$ | . . . . 6 1 . . .
$$ | . 4 O O O X . . .
$$ | . 2 X X X O . . .
$$ | . 3 . . . . . . .
$$ | . . 5 . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
- Click Here To Show Diagram Code
[go]$$Bc
$$ ------------------
$$ | . . . . . . . . .
$$ | . . . . 6 1 . . .
$$ | . 4 O O O X . . .
$$ | . 2 X X X O . . .
$$ | . 3 . . . . . . .
$$ | . . 5 . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .[/go]
This doesn't seem bad for white, but I think

is a mistake if black has the ladder. In that case, I think black should instead do:
$$Bc With the ladder in favor of black:
$$ ------------------
$$ | . 9 . c . 8 . . .
$$ | 0 4 a b . 6 7 . .
$$ | . 3 O O O X 1 . .
$$ | . 5 X X X O . . .
$$ | . . . . . 2 . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
- Click Here To Show Diagram Code
[go]$$Bc With the ladder in favor of black:
$$ ------------------
$$ | . 9 . c . 8 . . .
$$ | 0 4 a b . 6 7 . .
$$ | . 3 O O O X 1 . .
$$ | . 5 X X X O . . .
$$ | . . . . . 2 . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .[/go]
$$Bc Another variation
$$ ------------------
$$ | . . . 0 . 9 . . .
$$ | 8 O . . . 6 7 . .
$$ | . X O O O X 1 . .
$$ | . X X X X O . . .
$$ | . . . . . 2 . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
- Click Here To Show Diagram Code
[go]$$Bc Another variation
$$ ------------------
$$ | . . . 0 . 9 . . .
$$ | 8 O . . . 6 7 . .
$$ | . X O O O X 1 . .
$$ | . X X X X O . . .
$$ | . . . . . 2 . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .[/go]
Maybe it goes like below if the ladder doesn't favor black?
$$Wc
$$ ------------------
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . 3 O O O X X . .
$$ | . 1 X X X O . . .
$$ | . 2 . . . 5 . . .
$$ | . . 4 . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
- Click Here To Show Diagram Code
[go]$$Wc
$$ ------------------
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . 3 O O O X X . .
$$ | . 1 X X X O . . .
$$ | . 2 . . . 5 . . .
$$ | . . 4 . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .
$$ | . . . . . . . . .[/go]
This diagram doesn't look bad for white. Maybe black would prefer to descend to the second line for his first move if he doesn't have the ladder.
There's a lot of diagrams here for a complicated position, so I've probably made some mistakes.