I'm getting ready for some new rims so I decided to cut my fender to prevent rubbing in the rear tires. It was pretty simple. The tools that I used are:
1: Dremel rotary tool
2: Dremel quick release metal blade(5 pieces)/ bit combo($15 @Walmart)
3: Extra pack of metal blade(5 pieces) from Lowes $10
4: Safety eye glass protect from the sparks
5: Gloves/ long sleeve shirt
6: 10 mm socket for one of the bolt
7. took apart the cover inside the wheel well.
8. took off my wheels for more room to work.
9. some tape would be good to tape the outside of the fender in case you slip and scratch your paint.
It was pretty straight forward just get the dremel and the metal cutting blade and start cutting away. Total cost was $25 bucks to have the rear fenders cut. Remember to let the Dremel cool off after one side is done because it will loose power when cutting and might cause slipping.
Here is a little clip of what it looks like.
http://www.youtube.com/watch?v=l7OrXkMr06c