From DIYinfo.org
[edit] Sawing Chipboard
The best saw for hand sawing chip board is a crosscut with about six or eight teeth to the inch for accurate cuts, mark the board out with a curved blade marking knife, then saw slightly to the waste side of the line. Hold the saw at the acutest possible angle to the board (fig. 1).
Finish the cut edge down to the line with a sharp, finely set plane, a small block plane with the cutter angle set at 12° is ideal (fig. 2).
If you find that the board chips excessively as you saw, try sticking a length of clear adhesive tape flush along the cutting line (fig. 3 below).
Sheets of chipboard are also admirably suited to cutting with a hand power saw such as a jig saw or power drill attachment. The same marking out and cutting rules apply, though cutting lines in veneered board should be deeply scored to minimize chipping.
Electric routers can be useful for trimming chipboard and with care for cutting grooves. Optimum speed for the cutter is 18,000-24,000 rev/min and the cutter itself should be tungsten carbide tipped.
[edit] Drilling Chipboard
Here, all the usual woodworking rules apply. For screw holes, use bits with a point angle of between 80° and 90°.
Special bits and cutters are available for making the larger, 'dead' holes used in conjunction with certain types of knock down fitting and concealed sprung hinges. In this case, a pillar drill or drill stand for a portable drill is a worthwhile investment. You can then make sure that the bit is at exactly 90° to the face of the board and that the depth of the resulting dead hole is even (fig. 4).