[Megafiers][1] has some physics based modifiers they are adding. I didn't see anything like this, but you could touch base with them.
Covering how to do it yourself is beyond what can be answered here. What you are asking is beyond plenty of people with compsci degrees. It's huge. I mean even defining the materials so you can calulate how it's deformed and destroyed is a big task (and I assume would take some physics background.. my one uni physics course is failing me on what variables would be needed). I'd also be worried about performance (though since I'm not sure on how bad the calculations are it might be fine especially if you aren't dealing with too many vertices).
My question is: Why do you want to do this?
With the blocks and the suggestion Lockstep made you can have a pretty realistic physics simulation and just take on a texture (like ultimate fps does) and it's good enough for games. If we know more about why you want to simulate and actual hole then maybe you can be pointed in a better direction.
If what you really want is to do physics simulation, then there is other software more suited to it than Unity that should take care of most of it for you.
[1]: http://www.west-racing.com/mf/?page_id=2
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