/ʌ/ cut, hut, bun, nothing, love, enough, flood, does
/ʊ/ put, soot, foot, good, look, cook
To me the ʌ is a more short, low front (unrounded?) vowel, but the vowel /ʊ/ which sounds like "uh" is a short, high back (rounded?) vowel but this difference is only minor that you could probably swap each sound when speaking and get away with it.
For example, pronouncing cut as /kʊt/ "kuht", instead of the short /kʌt/ "kut". I can do this with the other words too: hut, bun, nothing, love etc.
Edit: I'm talking about British English phonology, not American English...
For example in AmE, you can say soot in 2 ways (sʊt and su:t ?), Merriam Webster:
\ ˈsu̇t , ˈsət, ˈsüt \