Directors cut?

There's not a director's cut, no. It seems that the film was screened to reviewers as a 156 minute production (a lot of them cite that number - example: http://www.moviereview.com.au/cfspiderman3.html). Whether that was because it was an earlier cut (it's a normal part of the film making process for drafts to run long) that the studio let reviewers see because Raimi was working until the last minute trying to whittle the movie down (it wouldn't be the first time) or the studio freaked out at the last minute and demanded cuts, fearing the longer version wouldn't do well is unclear to me. However, people often seem to assume the latter and thus label the alleged 156 minute version as the "director's cut." Maybe someone knows more about what was going on there and can enlighten us, but whatever the case may be only the 139 cut was ever released to audiences so you can't see anything save that no matter how hard you look.

Unless the director's cut gets rid of the Peter Parker dance scenes I am not interested.

1, 2 Freddy's coming for you. 3, 4 better lock your door.

Sam Raimi won't do the director's cut of this movie because he's embarrassed by it.