Get a door knob cutter from HOme Depot and attach it to your drill. Place masking tape on the area to be cut to prevent splintering of the paint. Drill a small pilot hole first. Don't worry, it's really easy.
If you go to intuative racing's website, which make the frame sliders, they have a picture by picture explanation of how to do it using a CBR900rr as a example. I followed it and it worked great. First remove the engine mounting bolt and put the longer slider bolt in, not all the way though, you want it to hit the fairing when you put the plastic back on. Put playdoo on the inside of the plastic and remount the fairing - you'll notice that the bolt head leaves an impression in the playdoo. The center of that inprint is where you make a pilot hole. If you can find a 1.75 inch hole saw, that would be a nice tight fit, if not a 2 inch hole saw will work. Drill from the outside in so as not to chip or tear the plastic and decals. Do the same for the other side, mount the sliders and there you go.