A flip cutter and drill instrument and method of antegrade drilling and retrograde cutting using such an instrument. The flip cutter and drill instrument is provided with a drill which has a multi-blade configuration and which engages an inner tube or inner member 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.