A device for cutting a hole, such as in sheet metal is provided. The device includes an axially rotatably cylindrical body that is operable with a rotatable drive. A distal end portion of the body includes a replaceable cutting tip and a replaceable pilot. The cutting tip is secured within a notch in the body and extends distally from the distal end portion. A shank portion is also provided which is adapted for securement within a rotational drive mechanism, such as a hand held drill.