Can I sacrifice a creature before the creature spell resolves?
You can, but not exactly in the way you think. 

First, Goblin Piledriver has to resolve before it can be targeted with Murderous Cut. 

Second, once the Murderous Cut is cast, it goes on the stack and hasn't resolved yet. 

At that point, both players get priority, and you then could cast Collateral Damage. Now, what's important is that the sacrifice of Collateral Damage is a cost, which is paid as the spell is put on the stack. That means that your opponent can't target it with a spell (say, another Murderous Cut) before it gets sacrificed.

You both pass priority. 

Collateral Damage does its, well, damage, then Murderous Cut tries to cut your goblin, but it isn't there anymore, so it fizzles.