Charley,
you are supposed to use antifreeze or something like that to drill glass, but I have just used water like Josh. I ran the hose on a slow stream and let the drill do the work. It takes a while time but if you get in a hurry it will crack. Don't push on the drill let the drills weight do the work. I have also drilled the acrylic with a regular wood hole saw it melts a little so you should cool the acrylic with water also.