I asked this same questions recently, here are the responses I got...
http://www.wakeworld.com/MB/Discus/messages/3183/421893.html?1173388480 I ended up buying a bit for my Dremel that is used for cutting drywall, etc. It worked very well, but it is difficult to get it EXACTLY perfectly round, because you are essentially freehanding the cut, even though you have traced it out with a marker. It worked out great for me, because the stereo remote lip extended well past the edge of the hole.