T-reamer

The handiest simple tool in the world (that most people don't own) - a sheet-metal worker's T-reamer.
This utterly simple no-working-parts hand tool will easily, smoothly, safely, and precisely enlarge round holes (and keep them perfectly round) in any rigid, non-brittle material (i.e. not rubber or leather, not glass, but almost anything else). I discovered this tool by accident when I was twelve years old and have owned one, more or less, ever since. When I lose one, I have to buy another. Costs a few bucks, and, with regular household use, never wears out. Try it. You'll like it. Don't get marooned on a desert island without one.
-- William Gibson
T-Handle Taper Reamer
$4
Amazon
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A cool tool is anything useful that is superior to comparable items. If you think this tool is inferior suggest a better one. You are welcome to insult a tool, but comments containing insults to individual people will be deleted. Corrections of fact are always welcomed, if stated politely. Recommendations of better tools are dearly wanted and may be elevated to the front page.

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Andy M-S
I bought one of these right after I got my ham license (at 13) for enlarging drilled holes in aluminum panels from 1/4" (the largest drill bit in my dad's set) to a size appropriate for a toggle switch or SO239. That same reamer has been in my toolbox for almost 40 years, and yesterday I used it to make a Christmas present for my kids (a switchbox so that they can have the Xbox and PC hooked up to the same set of speakers). Indeed, this is a tool you should never, EVER, be without.