Stencil or Drill Spline/Path into a Polygon Object???

Hello all,

Lightwave V 11 core.

I'm going to try and explain this as best I can but forgive me it this sounds confusing. Let's say I have a box polygon and I want to take a circle path and "Stencil" or "Drill" the shape of the circle into the box so that I can then recess/inner-extrude the circle into the box. Wondering if there is a simple way to handle this modeling task? Kind of like the power button on your television set. When you push the button it recedes into the box. I have a little Lightwave experience and this was fairly simple.

Thanks in advance.