A punch tool comprising: a punch body having a sidewall that defines a central cavity, the central cavity extending along a longitudinal extent of the punch body; a punch tip configured to be alternately secured or released with respect to the punch body, the punch tip including a hub on one end thereof; and a plurality of ancillary components, characterized in that the ancillary components comprise a cam, a carrier body, and a plurality of wedge members, the carrier body seated within the punch body central cavity, the cam coupling the punch body and the carrier body, the cam selectively adjustable with respect to the punch body and the carrier body, adjustment of the cam resulting in corresponding movement of the carrier body, wherein the cam in a first adjusted position corresponds with the carrier body being in a raised position within the punch body central cavity and each of the wedge members being in a locked position within the punch body central cavity, said locked position of the wedge members corresponding to a locking configuration of the punch body with respect to the punch tip hub, and wherein the cam in a second adjusted position corresponds with the carrier body being in a lowered position within the punch body central cavity and each of the wedge members being in an unlocked position within the punch body central cavity, said unlocked position of the wedge members corresponding to an unlocking configuration of the punch body with respect to the punch tip hub. a punch body having a sidewall that defines a central cavity, the central cavity extending along a longitudinal extent of the punch body; a punch tip configured to be alternately secured or released with respect to the punch body, the punch tip including a hub on one end thereof; and a plurality of ancillary components, characterized in that the ancillary components comprise a cam, a carrier body, and a plurality of wedge members, the carrier body seated within the punch body central cavity, the cam coupling the punch body and the carrier body, the cam selectively adjustable with respect to the punch body and the carrier body, adjustment of the cam resulting in corresponding movement of the carrier body, wherein the cam in a first adjusted position corresponds with the carrier body being in a raised position within the punch body central cavity and each of the wedge members being in a locked position within the punch body central cavity, said locked position of the wedge members corresponding to a locking configuration of the punch body with respect to the punch tip hub, and wherein the cam in a second adjusted position corresponds with the carrier body being in a lowered position within the punch body central cavity and each of the wedge members being in an unlocked position within the punch body central cavity, said unlocked position of the wedge members corresponding to an unlocking configuration of the punch body with respect to the punch tip hub. wherein the cam in a first adjusted position corresponds with the carrier body being in a raised position within the punch body central cavity and each of the wedge members being in a locked position within the punch body central cavity, said locked position of the wedge members corresponding to a locking configuration of the punch body with respect to the punch tip hub, and wherein the cam in a second adjusted position corresponds with the carrier body being in a lowered position within the punch body central cavity and each of the wedge members being in an unlocked position within the punch body central cavity, said unlocked position of the wedge members corresponding to an unlocking configuration of the punch body with respect to the punch tip hub.