[Royal Hawaiian Opihi]

Here's what I think.
If a player is CUT while on IR, that severs his relationship with the team. Period.
If he gets CLAIMED on WAIVERS, then his IR status still applies, as does his contract & salary.
If he clears waivers and goes into the FA MARKET... then he's a brand new player with a brand new situation. Any team that wins him HAS TO HAVE ROOM on their active roster for him, just like any other FA. However, the owner can then choose to put him in IR, once space has been made on the active roster.

So a team could technically "exploit a loophole" by declaring a player on IR... then cutting him (and subsequently taking the cap hit)... then reacquiring him as an active player... EVEN IF IT'S BEFORE HIS ORIGINAL IR STATUS WOULD HAVE ENDED. There's no guarantee the original owner will be the winning owner - that's the chance he takes.

Make sense?