SOmehow I get the feeling the original poster is just doing some boards, while many of the replies are talking production level.
I've drilled a lot of boards for my own purposes with just a portable Black & Decker drill, by hand. It got easier when I bought an adaptor for the drill, so it acts like a drill press. Less broken bits.
When I got a "Dremel tool" (actually a Sear's branded rotary tool) it was even easier doing it by hand, since there was less weight.
If I was making as many boards today as I did at one time, I'd just wait till the local hardware chain put their cheapest drill press on sale for $40 (one time even $30) and I'm sure it would be fine for most sporadic use. Every time those go on sale, I think I really ought to get one, then realize I don't do much drilling, of anything, anymore and it's just a big thing to get home no matter what the price.
Michael