Abstract: A drill bit system and associated methodology enables a user to quickly and easily interchange drill bits upon a primary shank during drilling operations. The drill bit system optionally comprises a primary, flexi-shank, a series of drill bits, a set screw, an extension adapter, and quick change or secondary shank. The primary shank has a notched, bit-engaging end. Each drill bit has a shank-engaging end and a bit axis. Each shank-engaging end has female structure for receiving the bit-engaging end. Each female structure has a substantially uniform inner bit diameter sized for receiving the shank. The bit-engaging end is receivable by the shank-engaging ends, and the set screw is threadably receivable by both (a) threaded apertures formed in the bits and (b) the notch for removably and interchangeably fastening the drill bits to the flexi-shank. The extension adapter and secondary, quick change shank enable added interchangeability and drilling capabilities.