A cutter is a ball that moves sharply (cuts) after 
  pitching.  The lateral movement is off  the pitch. 

  Whereas in swing bowling, the ball moves in
  the air before pitching.

  The defination of these terms is based
  strictly on the bowling action used
  (Strictly from the bowler's POV, just
  like the field-settings are strictly from a 
  batsman point  of view) 

  For simplicity's  sake lets number 
  the stumps as shown:

                       -----  
                      |  |  | 
                      |  |  | 
                      |  |  | 
                      |  |  | 
                      3  2  1 
                     
  Let me know if you don't understand the table below:


 Fast              Movement       If movement    if movemnet
Bowler                            after pitching in the air

Right-arm       from 1 to 3     leg-cutter      out-swinger
Right-arm       from 3 to 1     off-cutter      in-swinger
Left-arm        from 3 to 1     leg-cutter      out-swinger
Left-arm        from 1 to 3.    off-cutter      in-swinger


Spin            Movement 
Bowler          after pitching    Known as

Right-arm       from 1 to 3     leg-spin
Right-arm       from 3 to 1     off-spin
Left-arm        from 3 to 1     left-arm un-orthodox
Left-arm        from 1 to 3.    left-arm orthodox