Case Etc. has mandrels (the bit you put in your drill, probably want 3/8") and hole saws for sale. Reasonable prices. Best method unless you have a stamp press with templates for the hole size you're looking for.
Theirs are metric and the proper size. No worried. Be sure to take everything out of your case (I mean everything). When you are done, use a vacuum, followed by wet cloth, followed by a magnet to clean it out. Also, Clamp a piece of wood inside the area you are going to drill. It helps pull the saw through.
If you are going to drill a blowhole do this to measure. Put cdrom in top bay and power supply. Find the innermost points and find the center from there. That's the center of your hole. The reason you do it this way... depends on your case... most cases don't have enough vertical space between the top of the PSU and drives and the top of the case. So if you drill a hole in the wrong place... you end up with a hole that you can't attach a fan to because your PSU or CDRom drive is in the way. The other reason why is that it also gives the fan unobstructed air flow.