While you can copy (Command + C) and paste (Command + V) files in OS X, the cut (Command + X) function is not supported. What you can do however is choose whether to Move, Copy, or Create an alias when dragging and dropping files.
- Command + Drag and Drop = Move File
- Option (alt) + Drag and Drop = Copy File
- Option + Command + Drag and Drop = Create Alias
As a side note, when working with files all on the same Volume/Partition Move is the default action, there is no need to hold the Command Key. Alternately, when working with files across two different Volume/Partitions, Copy is the default option and there is no need to hold the option key. You can always tell what is about to happen by taking a look at the curser before you drop. A green Plus (+) icon indicates that the file will be copied, the absence of this icon indicates a move.
If the Cut and Copy functionality is absolutely crucial to your workflow, then I suggest checking out OnMyCommand. It's a Unix and AppleScript Executor and if I recall, there are some user submitted scripts that will enable cut functionality for finder items.