In reply to PGD:
Holding the wheel will do nothing, the cassette will just spin.
Position the chain whip and spanner at the 3 and 9 o'clock positions (clamping the lockring tool as others have said is a good idea here) then lift the wheel and smack it on the ground (repeatedly if necessary). This usually works for stubborn lockrings.
Where did you cut the slot? Can't envision how you would reach the threaded part of the lockring without taking the axle out.
Once you have exhausted all the other possibilities, depending on the model of hub you could always just take the entire freehub off and put a new one on.