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This is easily done with a combination of layer (vector) masks and shapes. Look for layer masking tutorials.
Although I wouldn't do this in Photoshop, but in Illustrator (or even InDesign) to retain shape/cutout sharpness.
As just said this is very easy, even in Photoshop. What you need is to use 'custom shapes' Photoshop comes with lots of these or you can create them from scratch in Illustrator(Photoshop cannot do that) Below is a simple one created with Photoshop vector shapes.
All this involves is creating three shape layers and a clipping mask for each layer. So each image sits on its own
layer and is clipped to the vector shape below it. You can of course scale the images with the 'transform tool'