I know I’ve already covered this topic to the point of making you physically sick, but Luciano Iurino does a fine job describing the technique as well. In this video tutorial, he talks about how to create circular holes in a 3d mesh using a few different techniques. As always, 3dsMax gives you 10 ways to do just about anything!
This tutorial shows how a perfectly circular hole can be cut into a mesh using the Editable Poly tools alone. It demonstrates a quick, clean and effective way of creating holes that avoids the often messy results caused by Boolean operations.