The results of detailed experiments and high fidelity modeling of melt pool dynamics, droplet ejections and hole drilling produced by periodic modulation of laser intensity are presented. Ultra-high speed imaging revealed that melt pool oscillations can drive large removal of material when excited at the natural oscillation frequency. The physics of capillary surface wave excitation is discussed and simulation is provided to elucidate the experimental results. The removal rates and drill through times as a function of driving frequency is investigated. The resonant removal mechanism is driven by both recoil momentum and thermocapillary force but the key observation is the latter effect does not require evaporation of material, which can significantly enhance the efficiency for laser drilling process. We compared the drilling of holes through a 2 mm-thick Al plate at modulation frequencies up to 20 kHz. At the optimal frequency of 8 kHz, near the resonant response of the melt pool, the drilling efficiency is greater than 10x with aspect ratio of 12:1, and without the collateral damage that is observed in unmodulated CW drilling.