As an example I converted a test image - The Go! Team's "Grip Like A Vice" CD single - into an MPC image.
I then took the cue sheet:
PERFORMER "The Go! Team"
TITLE "Grip Like A Vice"
FILE "The Go! Team - Grip Like A Vice.wv" WAVE
TRACK 01 AUDIO
TITLE "Grip Like A Vice"
PERFORMER "The Go! Team"
INDEX 01 00:00:00
TRACK 02 AUDIO
TITLE "A Version Of Myself"
PERFORMER "The Go! Team"
INDEX 00 04:01:38
INDEX 01 04:03:45
I converted the index 01 of track 2 into samples:
samples = (4 * 60 * 44100) + (3 * 44100) + (45/75 * 44100) = 10742760
I then ran mpccut as so:
mpccut -e 10742760 "The Go! Team - Grip Like A Vice.mpc" "01 - Grip Like A Vice.mpc"
mpccut -s 10742760 "The Go! Team - Grip Like A Vice.mpc" "02 - A Version Of Myself.mpc"
Notice I omit the start for the first track, and the end for the last track. If your image has more than two tracks the tracks in between will need to specify both -s and -e. NB: It appears that -s of track two should be -e of track one, -s of track three should be -e of track two, etcetera. To begin I used 10742759 as the end of track 1, but that didn't tally with foobar reporting the samples of the image with cue sheet.
Best of luck.
Edit: In an attempt to clarify further, let's pretend that my cue sheet had three tracks, with the index 01 of track three being 07:34:27, or 20037276 ((7*60*44100) + (34*44100) + (27/75*44100)) samples:
mpccut -e 10742760 "The Go! Team - Grip Like A Vice.mpc" "01.mpc"
mpccut -s 10742760 -e 20037276 "The Go! Team - Grip Like A Vice.mpc" "02.mpc"
mpccut -s 20037276 "The Go! Team - Grip Like A Vice.mpc" "03.mpc"