Dinghy or cutter? (5)
I believe the answer is:
laser
This clue is a double definition.
'dinghy' is the first definition.
(Laser is a brand of dinghies)
'cutter?' is the second definition.
(lasers can cut things)
'or' is the link.
(Other definitions for laser that I've seen before include "Device producing an intense beam of light or radiation" , "scientific device" , "Powerful light source" , "Optical device producing an intense beam of light" , "Device that generates an intense beam of light" .)