Good luck drilling your Live Rock. I tried and ended with piles of rubble (no, not Russian cash). You need a diamond tipped hole saw.
Actually, just use a masonary bit. The kind for rotary (not hammer) drills. Practice on some pieces you don't need. Basically, the faster rpm you go into the rock, the less likely it is to shatter. I got so good at it, I was even drilling through old acro skeletons without breakage :eek1:
My current tank, after a recent move:
And some pillars and arches in my FOWLR:
http://www.youtube.com/watch?v=C1tqj1a4F1I