Can a hole cutter be used with a dremel?
Even if you could find an adapter to connect the bit to a rotary tool, I don't think the rotary tool would hold up to the weight of the bit and the torque it produced.  Rotary tools are not designed to handle large amounts of torque. 

The weight of a bit like that, and the drag forces it would encounter would likely be too much for the rotary tool to handle.  This would cause the motor of the rotary tool to burn out, simply not spin up to speed, or stop as soon as you started cutting.