We present a new approach to simulation of two-way coupling between inviscid free surface uids and deformable bodies that exhibits several notable advantages over previous techniques. By fully incorporating the dynamics of the solid into pressure projection, we simultaneously handle uid incompressibility and solid elasticity and damping. Thanks to this strong coupling, our method does not su er from instability, even in very taxing scenarios. Furthermore, use of a cut-cell discretization methodology allows us to accurately apply proper free-slip boundary conditions at the exact solid-uid interface. Consequently, our method is capable of correctly simulating inviscid tangential ow, devoid of grid artefacts or arti cial sticking. Lastly, we present an e cient algebraic transformation to convert the inde nite coupled pressure projection system into a positive-de nite form. We demonstrate the e cacy of our proposed method by simulating several interesting scenarios, including a light bath toy colliding with a collapsing column of water, liquid being dropped onto a deformable platform, and a partially liquid-lled deformable elastic sphere bouncing.