I have Corel Ver. 11, X3 and X4, all on the same PC. When I bought Ver 11, I also purchased CoCut from EuroSystems. CoCut shows up as an icon in CorelDraw. When I click on the CoCut icon, the selected objects in Draw (or the entire drawing, if nothing is selected) is transfered to CoCut. And CoCut can cut each color separately.
An additional benefit, is that CoCut can be used as a stand alone design and cutting program, although the design part is not as comprehensive as CorelDRAW.
Check out CoCut.com for the information, especially if your plotter is listed among the many (very many) supported by them.
My CoCut has been continuously updated, over the i-net, for free, for the last four plus years....nice.