Well my two cents is this. Don't do it unless you have some type of cutting equipment. A drill and jigsaw will do the trick, albeit it won't be the prettiest. Make your outline of the hole you're going to put in. Drill holes on the outline every few inches around the circumference then cut hole to hole with the jigsaw(or a bladed hacksaw will work as well, not the 'D' shaped, but a straight blade.
Another option is to get a metal nibbler. These can be had for under $10-$15 US at most larger hardware stores. These are made to make small cuts in metals for panels of many sorts that use a turn key or switch that is keyed to keep it from spinning. These can also be found online at various online retailers for little cost. It'll give you a cleaner looking hole then the above as well.
The third and best option which is what I use is a hydraulic knock out made by Greenlee Tools. This however is not a cheap tool, but allows for holes small enough for a power switch or large enough for a 120mm case fan. If just requires a 1/2"-7/8" hole saw then feeding through the punch and cranking the handle. These give you perfect holes and are totally idiot proof(perfect for me!!) unless you put the hole in the wrong spot. You can rent these at most tool shops/rental stores. Not sure of the cost for that though since I have my own. This is your best option for neatness!!!
Now if you can't/wont get to any of these, you can using a center punch(or even a large nail) to pop holes bit by bit but you'll end up making small dents around the perimeter of the hole and it'll come out with a lot of sharp edges that need to be sanded down. Also it'll take you forever and it'll look like crap unless you have a way to cover the hole up well(i.e a grill or vent). You'll also probably have to touch up the paint as well when done. This is the least appealing of prospects.
As you can see you've got several options. From a center punch, to a drill/jigsaw(or metal hole saw for the size you want) to a metal nibbler, to the fancy tool made for making holes. Just think carefully about the hole, because once it's there you're stuck with it!!!!
Good luck
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