You would never drop cross country! This is an obviously biased opinion, coming from someone who ran cross country, but it's like fall ball for distance runners. It's like saying let's get rid of track!
There are numerous long distance events in track(1500, 3000, 5000, 10000, steeplechase) that cross country running helps keep you in shape for. Long distance running is not like football where you can take a month or two off to recuperate, it's a year round sport and I would venture to say that most of the kids on the XC team are self-motivated to get better.
Also, I can personally attest to the "international" comment made by one poster. A number of teams recruit Kenyans, Ethiopians, etc...
Also, how much money are we really talking about saving here. That's the best part of running, hardly any equipment (shoes and a uniform) and transportation and lodging (which is the expensive part). As one poster has already said, the loss in state funding due to Title IX considerations would offset any gain by cutting Cross Country (which is probably part of the T&F budget if I had to guess anyway).