Woodworking Glossary
Slotting Cutter

A slotting cutter is a router bit that cuts a straight-sided slot or groove into the edge or face of a workpiece, typically a horizontal disc-shaped cutter mounted on an arbor, often with interchangeable cutters of different widths and a guide bearing to control depth from the edge. It does with a router table what a dado stack does on a table saw -- cutting a groove for a panel, a spline, or T-molding -- and is the standard way to cut those grooves on a router table setup that doesn't have (or doesn't want to swap to) a dado-capable table saw.
Images

Product: A slotting cutter. The wings cut a groove into the edge of a board rather than its face, which is how you get a spline slot or a drawer-bottom groove after a frame is already together.