Actually, 切糕 seems to also have another new meaning, which is related to this recent story in China: http://world.time.com/2012/12/05/dont-let-them-eat-cake-how-ethnic-tensions-in-china-explode-on-the-streets/ 切糕 is now being used on Weibo (China's Twitter) to refer to someone who suddenly makes a lot of money..."Wow! 你切糕了!" In English, you could maybe say "Wow! You made a fortune!"

@rachaellaw is correct. "Cut the cake" or "Slice the cake" are both good!

切糕? 意思指的是切蛋糕吗? 哈哈. 'Slice the cake'/'Cut a cake'?

Xinjiang nut cake Basically, Xinjiang nut cakes, typically made of a mixture of nuts, sweets and glutinous rice, is a street snack usually sold by Uighurs riding a tricycle. But Xinjiang nut cakes is now given much more significance than a street food. 新疆切糕是新疆的“玛仁糖”的俗称，又称核桃仁糖果。选用核桃仁、玉米饴、葡萄干、葡萄汁、芝麻、玫瑰花、巴丹杏、枣等原料熬制而成。其重量大，密度高。因出售时一般用刀从大块玛仁糖切下小块，因此又被称作“切糕”。