Cut or share, possibly (5)
I believe the answer is:
shear
'cut' is the definition.
(shearing is a kind of cutting)
'share possibly' is the wordplay.
'possibly' indicates an anagram.
'share' anagrammed gives 'SHEAR'.
'or' is the link.
(Other definitions for shear that I've seen before include "Cut the wool of 14 across" , "strain" , "Cutter" , "Cut sheep's woll with large scissors" , "Cut wool off (a sheep)" .)