Jeffster,
Take it from the self proffessed king of the ice. Ice fishing is where it is at! An auger is nice and you can get one for about 50 bucks, but a spud works too and is cheaper. Get some tear drop jigs and tip them with wax worms, maggots, spikes, or small fatheads. You will kill the perch, crappies, and gills. Might even get a bonus walleye, bass, pickerel or whatever else lives in the lake. It is important to use very light line 1-2lb test, preferrably flourocarbon ice fishing line. I never fish a whole for more than 10 minutes without getting a bite. Move until you find fish, and then fish that area. Waiting for the fish to come to you generally does not work.