One impaled acquiring new cut (7)
I believe the answer is:
ignored
'cut' is the definition.
(I've seen this before)
'one impaled acquiring new' is the wordplay.
'one' becomes 'I' (Roman numeral).
'impaled' becomes 'gored' (gore can mean to stab or impale).
'acquiring' means one lot of letters goes inside another.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'gored' placed around 'n' is 'gnored'.
'i'+'gnored'='IGNORED'
(Other definitions for ignored that I've seen before include "Passed over" , "Snubbed" , "Paid no attention to" , "Shunned" , "Neglected" .)