Can I cut a longer RCA run to two shorter ones?

You could but why? Do you need two 2.5 meter ic's for something else? I would leave them alone. You never know when you might need a more "specialized" length of cable. You might be sorry you hacked up your long cable. 

As long as you know how to do it, there is no problem in chopping the cable to make two shorter ones. But as Audiolover718 mentioned, why would you do that? Save that cable for a future situation. Or sell it. It's easier and more convenient to get shorter cables from the market. 

flutters,

Virtual Dynamics used a form of damping in their cables.  In some instances, it was a form of aggregate that was inside a tube through which the wires passed.  You can go to YouTube to get an idea of some of what Rick did.  I know this because I too use a form of damping in my Ultra Fi cables, though I do not use an aggregate.

Thus, if you cut the cables you have in half, you must be able to deal with the damping otherwise you may well ruin the cables. 

Consult VD prior to any alteration.

Guys thanks I am going to keep the 5 meter as is and pick up a shorter pair-
I notice that there are different versions- the Revelation , the revelation Signature, The revelation 2.0- Can someone tell me the difference between the different versions- thanks so much!!