From The Collaborative International Dictionary of English v.0.48:
Scuttle \Scut"tle\, v. t. [imp. & p. p. Scuttled
(sk[u^]t"t'ld); p. pr. & vb. n. Scuttling.]
1. To cut a hole or holes through the bottom, deck, or sides
of (as of a ship), for any purpose.
[1913 Webster]
2. To sink by making holes through the bottom of; as, to
scuttle a ship.
[1913 Webster]
3. Hence: To defeat, frustrate, abandon, or cause to be
abandoned; -- of plans, projects, actions, hopes; as, the
review committee scuttled the project due to lack of
funds.
[PJC]