A flip cutter and drill instrument for antegrade drilling and retrograde cutting. The flip cutter and drill instrument is provided with a drill which has a multi-edged configuration and which engages the shaft of the instrument to articulate between at least a first "straight" position (for example, about parallel to the longitudinal axis of the instrument) when the instrument is in the drilling mode, and at least a second "flip" position (for example, a non-parallel position relative to the longitudinal axis of the instrument) when the instrument is in the cutting mode.
