Should I chop off a foot of my hair?

I think I've got room to cut 10-12" and have it fall just above or right at my shoulders. Not sure if I want to go that short but it's getting on my nerves at this length and it'll grow back eventually. I'm also thinking that all the running/swimming/biking will be easier with more manageable hair.

So... should I cut it? And if I should wait, how long?

For those that missed it the first time around, I've been growing my hair for Locks of Love.