Take a drill bit (1/4"?) and chuck it in the drill. Cut a short piece (~1/4") of rubber tubing that is the same ID as the drill bit and place it over the drill bit. Slide it down until it touches the jaws of the chuck. Take a plastic bowl and drill a hole in the bottom with this drill. Don't tell the wife. Leave the bowl on the drill bit and slide it down until it touches the rubber tubing. Cut another piece of the same size tubing and slide it all the way down the drill bit until it touches the bowl. Hold the bowl from turning (or not) and drill your hole in the coolant hose.
Before you drill the hole, make sure that the coolant cap was not removed since the last time the engine was started and do not open any part of the coolant system. This will actually cause a slight vacuum in the system and will help to reduce the initial "piercing" mess.
Once you have drilled the hole and have the catch bucket in place, remove the coolant cap.
Then there are the obvious precautions:
1. Spread a plastic tarp. A kid's wading pool works great.
2. Make sure the coolant is cool.
3. Use a cordless drill, not a 120 volt plug-in drill.
I just had to add #2 & 3.
When you are ready to install the new hose, mark the hose-to-coolant tube overlap on each coolant tube with a felt pen. That way you can easily find the correct installed position for the hose.
If the hose is a tight fit on the coolant tube, apply a thin film of silicone spray or Vaseline to the coolant tube.