Cutting and pasting works really well with sequencing activities in reading and math. Cutting and putting numbers in order, a greater than or less than sign so it's facing the right way, putting 2 and 4 part stories in order, etc,
You can also di it with phonics. Have them cut out pictures that start with a given letter/sound, or words that have short a in them, etc. and make a collage.
Mixed up sentences can be fun too. They need to look for the capital letter at the beginning and the punctuation at the end. The rest needs to make sense.
Cutting regions of the U.S. from an outline map and gluing them to make a full U.S. map (more fine motor...better for later in the year)
In science, they could cut out parts of a plant and paste them together to make a diagram. They could cut out pictures of different types of animals an glue them into the correct habitat picture.
Just a start...hope this gets your juices flowing. I'd love to read some other ideas!