The most common and most likely answer to this crossword clue is the 5 letter word DICED
I've seen this crossword clue in Independent
D
I
C
E
D
More clues leading to the result DICED
- Took risks — kicked bucket across entrance to crescent
- Dukes pinching diamonds took a risk
- Took a risk, and perished rounding Cape
- Took a risk — failed to catch cold
- Policeman with month to retire took gamble
- Risked getting daughter murdered
- Cut up and passed around cocaine
- Chopped up food finally covered with sweet stuff
- Risked being cut to bits
- Risked being cut to bits
Buddy explains!

The straight part
We know that "Cut up" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cut up = diced.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DICED mean?
DICED verb- To play dice.
- To cut into small cubes.
- To ornament with squares, diamonds, or cubes.