A quick way to do holes in clothes is with an alpha map.
But I don't know a walktrough with video clips, pictures and such fancy stuff.
All I can do is show you the direction:
-Go to the clothes tab.
-Select a cloth item you want to edit
-Open up the cloth-settings.
-Go to the material sub-tab where you can add textures.
-You will find an entry for a so called alpha-map.
An alpha-map in VaM is a simple black and white picture. It adds transparency to your clothes Black parts will make clothes invisible, white parts are solid.
You will need a painting tool to create one. Best would be a tool that can use layers
Open up one the clothe's main textures as a template. See if you understand how this texture works and which part of the texture is at the position where you want to do some holes.
-Load one of the clothe's texture into your painting tool.
-Create a second empty layer over the first one (will work without layers, too, but layers are very handy for this).
-Paint your holes in pure black color, using the original texture as a template to find the right spot.
-Select and fill everything else with pure white color (or simply put a white filled layer between the first ones).
-Hide or delete the layer with the original texture.
-You should now see a completely white background with some black dots (holes) on it.
-Save everything as a JPG picture.
-Add it to the alpha-map slot.
-Ready.