What exactly do you want to do?
If the increasing water cut means that the well is dying, then you can do stuff like playing with artificial lift parameters (or putting the well on artificial lift), changing the tubing size, reducing back pressure on the well (ie open the choke) to increase the overall production.
If the problem is simply the increase in water then you'll have to shut off the water production in some way: pump a chemical shutoff (there are various chemicals of varying effectivness that are supposed to shut off water zones), bridge plugs, cement that sort of thing.
If you are very lucky, you may find the water production is due to coning, and if you are even luckier, that the cone is an unstable cone, and that throttleing the well back will cause the water cone to collapse and you go back to dry oil. But real life is very rarely like that!!