I'm not too up on OpenGL, so for something like this I would have one image to represent the item to be sliced, and then two, maybe four, sets of two images showing the item "sliced" for different slice directions - vertically & horizontally at minimum but would look better to have sets for both diagonals as well. Then when the slice occurs, swap out the single sprite for two sprites displaying the correct set based on the direction. If you covered up the sprite swapping with some flashy effects, it would probably look pretty convincing :)
I guess you could determine which sets to swap in by the angle of the slice combined with the current rotation of the full item. For example, if the sprite is currently rotated 90˚, and the slice is vertical, you'd display the two images that represent a horizontal slice.
There's probably a way with openGL that you could cut your original sprite into two pieces but I while the actual slice position would be more accurate, I don't think the effect would look quite as good. The advantage of Fruit Ninja using 3D is that they can show the inside of the fruit when it's sliced, and the only way to replicate that with 2D would be to actually draw your sliced bits that way.
Of course multiple slices per item would be very tricky, but possible if you draw the same amount of sliced sets for each original sliced piece. A lot of work though :P