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Information can be found on the Alternative Versions section (http://imdb.com/title/tt0120784/alternateversions). For more info, please consult the Trivia and FAQ sections for Payback: Straight Up - The Director's Cut.
Overall the theatrical version is a little funnier, easier accessable and more spectacular. In the spring of 2006 the Director's Cut was produced and it comes close to Helgeland's original version. The latter, however, probably never existed as a final cut. The Director's Cut still differs a little from it. Still, both cuts of the movie present different films with changing plots and message. A detailed comparison between both versions can be found here.
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