Jason Waters
Here's a Ship Auger bit:

http://www.irwin.com/tools/drill-bits/speedbor-ship-auger-bits-with-weldtec

If you ask the guy in the tool section where the ship auger bits are and he doesn't know, he's probably not the guy you want to give you drilling advise (that's my opinon). Even Lowes and HD carried them last time I went looking for one (might have been a couple years).

It's what I would pick first. Probably $10-20.