The cookie cutter utility can be found under the 'Video FX' tab, or the way I prefer is to click on the green cross at the end of each video event on the timeline, and choose cookie cutter out of the list of effects (you can click on it and then the 'Add' button, or just double click it). After that, it take a lot of experimentation to see what you can do with it. Depending on which track you put it on, whether you use a 'mask' or not, etc. Let us know if that helps. Cin
They told me that you use it to Cut an object out off one video and put it into another video.
What are you looking to do exactly? The cookie cutter fx is used when you have two videos on the timeline, one on top of the other and you want to show a portion of one through to the other.