I have been using drill for cutting holes for YEARS.
Good quality drill is important, hammer drill is not.
Good quality auger is important.
Here is a post I made last year:
My biggest suggestion if converting an existing auger is to put something at the top of the auger that won't allow it to fall through the ice if the auger falls off the drill.... and it will!!!
http://www.oodmag.com/community/showthr ... =ice+drill
I do a lot of holes with my drill.
I have an 8" and a 4" auger. The drill is a high quality Snap-On. I am using Nickel Metal and Nickel Cadmium batteries. (update 2016, i now have a 5" too and just bought an 8" Nils which is purposely built to be run by an electric drill, at $300 is better work damn good!)
Lithium is OK, but there is a tendency for the protection circuits to trip out on them due to the very high sustained torque. (update 2016, I am now using an 18V Ryobi and it is fine in the cold for the 5 inch. It struggles with the 7" and can't really run the old cheap/dull 8", it should work fine for the new NILS auger)
On the 8" auger it is hard to hold the drill and it can chew 3-5 holes in 24-30 inches of ice.
On the 4" auger you can drill lots of holes (we had an ice party with 24 guys fishing, I think i changed the battery once).
You do NOT have to keep the batteries warm (but it is better if you do as they will have more consistent power). Batteries generate a lot of heat when you use them, you may find that there is little power when you first start the hole, but the batteries will warm up and by the time you get to the end of the hole (where you need the most power) they are up to full power. We even left the drill out on the ice overnight once, -22C, worked fine the next morning.
I also tried a cheap 18V "Job Mate" (piece of crap canadian tire drill). It would turn the 8" auger, but couldn't break it through. I was lucky to get one hole. HOwever, for the 4" auger it worked pretty good drilling about 12 holes (this is an old drill too).
POWER: Remeber that as you go up in hole size you are removing dramatically more ice!!!
A 6" auger takes 250% more power than a 4" auger to turn.
An 8" auger take 400% more power than a 4" auger!!!
We pulled an 7lb bass through the 4" hole no problem last winter. I have pulled a 10lb trout through the 5" hole. Lots of other posts from last year on hole sizes and fish sizes.
Any questions on batteries, etc. let me know. I design batteries for a living!
Hope this helps.