I have tryed using a slowly running hose over the spot to be drilled during drilling. i have tryed pouring water over the spot to be drilled with a pitcher of water, pouring it ever so often. I have also tryed a spray bottle....
I have found that keeping the glass and hole saw cool, and free of all of the white milky looking fluid that will appear when drilling is all you have to do. I found that using the plumbers putty is what most do, but the milky fluid(ground up glass) has no where to go.
My methods are a bit more messy, but still work non the less.
I also tape under the spot to be drilled, so the glass doesnt fall after being drilled.
Kepp the drill as level as possible, especially if drilling thick glass, the weight of the drill will do all the work like carcrazy mentioned.