Of course!by Tsitshoh (Login tsitshoh)
You don't specify what age group, circumstance or anything else about the particular situation, so the general answer is yes, when you are cut from a team you are free to play for another team. If you want to provide more specifics we can try and answer more specifically.
Here are the OLA Rules & Regulations which includes the release processes for Major, Senior, Junior and Minor.
2013 PROVINCIAL CHAMPIONS
Tyke: Whitby (A), Oshawa (B), Barrie (C), Stars (D), Windsor (E) Novice: Mimico (A), Innisfil (B), Orillia (C), Wallaceburg (D), Kawartha Lakes (E) Nepean (F) Peewee: Whitby (A), Wallaceburg (B), Cambridge (C), Huntsville (D), London (E) NOTL (F) Bantam: St. Catharines (A), Owen Sound (B), Oakville (C), Wallaceburg (D) Nepean (E) Midget: Orangeville (A), Owen Sound (B), Cornwall (C), Orangeville (D) Intermediate: Beaches (A), Six Nations (B), Sudbury (C) Bantam Girls: Centre Wellington (A), Six Nations (B), Sarnia (C) Midget Girls: Whitby (A), Hamilton (B), Sarnia (C) Intermediate Girls: Whitby (A), NOTL (B), Kitchener-Waterloo (C)