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Whoa! Another post so soon!?!
Actually, I've done something new. Something amazing! I drilled, and magnetized an arm to one of the Terminators I've been building for the past 3 months :D
The process was a lot easier than I was expecting. I was using a Pin Vice (a small hand held model drill) to begin with, but moved onto a variable speed cordless drill. I found using a smaller drill bit first, then the magnet sized bit was the easiest way to go.
Some tips:
Just take your time and don't use too much pressure.
Be sure to choose a drill bit slightly smaller than your magnet. That way it will be a nice tight fit.
Mark the ends of your magnets with a felt pen. Otherwise you could find yourself magnetizing the wrong way.
Be careful not to drill into your own hand. You don't need to put any magnets into that!