I'm not sure buying the hole-cutter (drill-type) for a one-time use is particularly cost-effective.
Look for a sale at Radio Shack on a "nibbler" tool -- they usually sell for less than 10 bucks but I've got them for half price, and they're at least good for several projects until they weaken and die (usually from application to metal that is too thick.)
I've found that a dremel cutting wheel works very well -- with patience -- on 120mm fan holes. Maybe you could borrow a dremel and cutting wheel.
Also -- suggest you look at some projects at Overclockers.com and other web-sites devoted to case-mods. One mod I've seen adds some cabinet-work to the case, by designing an oak (or other) wood box with a rabbited edge at the top to snugly fit the bottom of a computer case. Air is drawn through filtered holes in the bottom and rear, by a fan flush with a fan hole in the metal case-bottom. With or without foam padding inside the wood box, it is a virtually noiseless fan deployment, and not only can you add more than one fan-hole and intake fan, but the filters and intake ports can be large enough to really increase airflow while keeping the dust out . . . . and the noise in . . . .