You can safely cut away certain types of mold from some foods, but you must discard moldy bacon. No type of cooking, washing or cutting makes moldy bacon safe to consume.
Other than dry-cured country hams and hard salami, on which a certain type of mold is acceptable, you should never eat moldy meat. Bacon, hot dogs, luncheon meat or any previously cooked meat with mold on it will not taste good; more importantly, it can also be infected with toxic bacteria hidden in the mold or below the food's surface.
Besides meat, you cannot safely consume moldy soft cheeses and dairy products like sour cream and yogurt. The same applies to jams, jellies, peanut butter, nuts, bread and other baked goods. Throw away leftovers with mold, including cooked pastas and soft fruits and vegetables.
You can safely cut away mold on hard cheeses by removing 1 inch of the area surrounding the affected area. The same applies to mold on hard fruits and vegetables.