Kenny,
what you are describing is a tile bit.
They have a post on them and are made for cutting through tiles, not slabs of stone. They won't take the excessive heat and pressure of the drill when used on slab. You can get away with it but it is not the tool of choice. The one you are describing with the post for a drill should look like this:

The fabricators we deal with use a coring bit on a grinder. These bits will cut through 3cm granite slabs in about a minute, and you should get 100 holes out of each bit. They have a 5/8"-11 threaded arbor to fit on a grinder and can be run with or without water. They are made for production and look like this:

You can get them here:
http://www.defusco.com/Diamond-Products-Drilling-Solutions-for-Stone,-Ti-Dry-Segmented-Hi-Speed-Stone-Cor/c25_497_680/p2150/1-3/8%E2%80%9D-SEGMENTED-SLAYER-STONE-CORE-BIT/product_info.html?osCsid=4c775plohcg31b67epkaab9mi0Glad to be of service,
Mark