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To save yourself some space, string together your cookie cutters and other such items with a length of ribbon or string and hang them from a hook inside your kitchen cabinets.
Every tiime I buy some big piece of equipment/technology, I save the large styrofoam containers that encase the item. I've found incredible uses for these.
Purchase an upright scrapbooking organizer that has opaque organizer containers with fixed hinged boxes that slide in and out of their own drawer insert. The boxes are perfect to organize your cutters by themes.
To store cookies cutters, loop a pipe cleaner through the set and twist the ends together to secure. You can hang on a nail or hook up out of the way.