A Bigz die from Sizzix cleanly cuts thick materials, including cardstock, chipboard, fabric, foam, magnet, leather, metallic foil, pape... Full Description & Details.
the only down side is that if I use thin chipboard (aka cereal boxes) it tends to cut through the score. Easily solved by gluing paper over it. I'm also going to try substituting something thinner for one of the cutting boards to alleviate the pressure.
I just love this product. It allows me to display my pictures without having to buy a frame. Works better if you use chipboard rather than heavy card stock. I haven't used it with grunge board yet but I'm sure it would be good as well.