I did this today actually. I had a glass cream soda bottle and I drilled two holes, one for the stem and one for a carb. I haven't finished it yet though.

I used a no-name dremel copy kit that had diamond bits, and I didn't even put water on it when I was doing it. It turned out really nice. I had a couple of slips but nothing major.

Is it bad to make a bong out of glass if it is lead based?