Do not cut your springs EVER. MrFatBooty pretty much summed up all that needed to be said but with your 17's you'll bottom out like crazy (especially with passengers). It's likely you'll blow out your stock shocks in no time. Also, it will likely be impossible to service your car (wheel alignment and whatnot).

If you absolutely cannot stand the monstertruck appearance of your car, buy some quality lowering springs and save up for aftermarket shocks (your stock ones will blow out in a matter of months)

Cutting springs is a perfectly logical way to have a cheap car for cruising on a flat street at speeds under 10 mph. But that's it.

Shingo