I'm new to AK's and Ak builds, but I've jumped head first into a parts kit from dpharms.

Now, my question has to do with receivers. Whats the difference between having trunion holes or not having them?

I ordered a romanian kit, just FYI.

Trunnion holes drilled or not?  That is the question.  Some guys (like me) like the holes drilled.  It saves me the headache of locating them myself.  Problem is, they aren't always totally accurately located.  It is personal preference as to whether or not you want to drill your own or get a receiver without then drilled.  I have recently been introduced to the "hole finder" that makes it easy as pie to locate holes, so if I ever build any more AKs, and I finally break down and use a manufactured receiver, I will get my receivers without holes drilled.

What would I need to drill my own holes, and how would I go about figuring it all out?

Read this thread at Gunco.net.

Gunco.net thread

If you aren't a member there yet, go ahead and join.  The guys over there are a wealth of information.  The inventor of the boltcutter rivet tool is one of the resident experts there.