Score the outline of the opening with a razor blade first, then cut an "x" from corner to corner with a drywall saw.
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You can then push each "triangle" back in to snap the drywall and cut the remaining paper (on the inside of the wall) with a razor blade. Doing this saves on all the dust. The hand saw creates dust, but it much more manageable than a power tool. The hand saw makes a rough cut, but it will be on the inside of the cut and the outside perimeter (done with the razor blades) will be smooth and crisp.
If the window will be larger than the space between studs, do this for an opening in each stud space and then cut out the strip of drywall over each stud once you have an opening on either side.