Taking out the lining of it: i. e. drinking it off. Gutting an oyster; eating it. Gutting a house; clearing it of its furniture. See Poulterer.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Gutter Lane * GuyNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes