As Jonathan pointed out, "O-Ton" is German for "Originalton" - but it doesn't mean "original sound"!! That would be a wrong translation. It means "sound bite" or, according to this source,

http://www.newscript.com/glossary.html

it means "radio actuality" (a word that I just learned today - but you'll find it all over the Internet). It all depends on who will be reading your translation. If it's people in the radio industry, then you should probably go with "actuality" or "radio actuality".

"A radio actuality is a group of sound bites sent out to radio stations to be used in news reports. Each file is a small collection of quotes on various subjects, with a short pause between each separate quote. Sometimes the transitions sound a little odd -- keep in mind that the sound bites are intended to be used individually."
http://stabenow.senate.gov/press/actualities.htm

As for whether you should call a "Schnitt" a "cut" - well, you should keep in mind that a "Schnittplatz" is an "editing room" in English. Generally, musicians will "cut" a record, but we "edit recordings" (and films!) - we don't "cut" them.