If you were watching the Popcast.com broadcast of the X-men movie preview would would have gotten to see Brian Singer (the movie director) talking about his favorite part... the part that was cut! Then just recently I found a site that had a bunch of stuff from the movie, including the story board of the very same clip! Apparently it showed up on ebay a few weeks before the movie came out. My guess it that part was cut so the story board was allowed to get out...
Well, I still think it's cool! So go check them out!!!

Oh, and I've added a few 'non-biased' comments to explain the pieces.

Wolvie takes at swing at Sabertooth, but Sabertooth blocks it and pimp-slaps Wolverine, (How dare he!) so Wolvie falls back.

Wolvie takes a swing at  Sabertooth, but Sabertooth does a big, showy back flip and lands neatly away from Wolverine. (The coward!)

Wolvie stabs Sabertooth (Score!) and Sabertooth grabs Wolvie's wrists to pull the claws out of himself.

Still holding Wolvie's wrists, Sabertooth holds Wolverine's arms over his head so he can't use the claws. Sabertooth asks, "What else you got?" to mock Wolvie. So Wolvie just looks back at him and states, "Metal skull." and full on head butts Sabertooth in the face making Saber' let him go! (Woo hoo! Go Wolvie!)