GEENA'S 'ISLAND' HOPPING

Waterworld isn't the only aqua-adventure in the news. Don't forget the Renny Harlin-Geena Davis pirate tale Cutthroat Island. The actioner sailed into choppy waters last week when its producer, Carolco, and its distributor, MGM/ UA, debuted 20 minutes of lush footage-then announced they were delaying the film, originally scheduled for summer release, until Christmas. Though the delay is not a good sign, MGM and Carolco expressed confidence in the $80 million epic, which nearly capsized last year when costar Michael Douglas bowed out (he was replaced by Matthew Modine), and was rocked again by recent rumors of a rift in the Harlin-Davis marriage. ''A film of this magnitude normally takes six months to edit,'' says Carolco's Andy Fogelson. ''We were so excited, we decided not to chase a (summer) release.'' Davis was not at the screening, but Harlin stressed that the film was not over budget and that his marriage was not sinking. ''If I had the imagination of people who make up gossip,'' he said, ''I would have an Oscar.'' The decision to push back Cutthroat leaves MGM without a big summer movie. And the effect could be more dire for Carolco, which is teetering on the brink of bankruptcy (the company reported a $43 million loss in 1994). Right after showing the Cutthroat footage, Carolco missed interest payments on a $55 million debt. So much for smooth sailing.