A system comprising a multifunctional tool and a tool clip, comprising: I) a tool tip, said tool tip comprising a) a tool tip stator, and b) a tool tip rotor rotatable about a first axis relative to said tool tip stator; and II) a tool holder capable of removably engaging said tool tip, said tool holder comprising a collet, a tool tip locker, a motive source; a selector mechanism, wherein when said tool holder engages said tool tip, i) said tool tip locker comprises a locking sleeve, and wherein said locking sleeve of said tool tip locker restricts rotational and axial movement about said first axis of said tool tip stator relative to said collet, ii) said motive source is capable of rotating said tool tip rotor about said first axis relative to said tool tip stator, and iii) said selector mechanism can be engaged to allow the motive source to rotate the entire tool tip about said first axis relative to said tool tip stator or to actuate the tool tip, and III) the tool clip, wherein said tool clip is suitable for storing the tool tip when said tool tip is not engaged to the tool holder, said tool clip comprises structures to assist in the insertion and removal of the tool tip from the tool holder. I) a tool tip, said tool tip comprising a) a tool tip stator, and b) a tool tip rotor rotatable about a first axis relative to said tool tip stator; and a) a tool tip stator, and b) a tool tip rotor rotatable about a first axis relative to said tool tip stator; and II) a tool holder capable of removably engaging said tool tip, said tool holder comprising a collet, a tool tip locker, a motive source; a selector mechanism, wherein when said tool holder engages said tool tip, i) said tool tip locker comprises a locking sleeve, and wherein said locking sleeve of said tool tip locker restricts rotational and axial movement about said first axis of said tool tip stator relative to said collet, ii) said motive source is capable of rotating said tool tip rotor about said first axis relative to said tool tip stator, and iii) said selector mechanism can be engaged to allow the motive source to rotate the entire tool tip about said first axis relative to said tool tip stator or to actuate the tool tip, and a collet, a tool tip locker, a motive source; a selector mechanism, wherein when said tool holder engages said tool tip, i) said tool tip locker comprises a locking sleeve, and wherein said locking sleeve of said tool tip locker restricts rotational and axial movement about said first axis of said tool tip stator relative to said collet, ii) said motive source is capable of rotating said tool tip rotor about said first axis relative to said tool tip stator, and iii) said selector mechanism can be engaged to allow the motive source to rotate the entire tool tip about said first axis relative to said tool tip stator or to actuate the tool tip, and i) said tool tip locker comprises a locking sleeve, and wherein said locking sleeve of said tool tip locker restricts rotational and axial movement about said first axis of said tool tip stator relative to said collet, ii) said motive source is capable of rotating said tool tip rotor about said first axis relative to said tool tip stator, and iii) said selector mechanism can be engaged to allow the motive source to rotate the entire tool tip about said first axis relative to said tool tip stator or to actuate the tool tip, and III) the tool clip, wherein said tool clip is suitable for storing the tool tip when said tool tip is not engaged to the tool holder, said tool clip comprises structures to assist in the insertion and removal of the tool tip from the tool holder.