Extrude

Ray,

Not sure if you are talking about a counterboere or a hole that is larger and elinimates the

existing hole.

Wrap command?

it would depend on what you mean by "follow the contour of the part". the suggestions above would cover most meanings. if they don't do what you want, perhaps you could post a sketch or something to elaborate.

Ray,

I assume you are looking for this:

or specifically for a counterbore, try this: