Karger's min-cut algorithm can be adapted to find the minimum k-cut in an undirected graph using the Karger-Stein algorithm, which recursively partitions the graph and identifies minimum cuts. The algorithm has a running time of O(n^2 log k) and is useful for applications like VLSI design and image segmentation. Additionally, the probability of Karger's algorithm failing to find the minimum cut decreases exponentially with the number of iterations, making it more reliable with increased runs.