A cutting instrument having a body, a blade at a distal end of the body, and a mechanism for rotating the blade from a first to a second position. The instrument can be used in a method of retrograde drilling a hole in bone. The cutting instrument is provided with a mechanism (for example, a pin and a slot) that converts linear motion into rotational motion and locks the blade into position. The cutting blade is configured to engage the shaft of the instrument and to lock into the shaft. The cutting blade is articulated between at least a first “straight” position (for example, about parallel to the longitudinal axis of the instrument) when the instrument cuts in an antegrade manner, and at least a second “flip” position (for example, a non-parallel position relative to the longitudinal axis of the instrument) when the instrument cuts in a retrograde manner. The cutter instrument may also include a button mechanism for controlling the linear movement.