Do you know why the ground pin is there and what its function is? My dad was drilling a hole in the wall and hit a hot (black). This should never happen in a house with modern wiring. The current flowed through the tip of the drill bit, through the bearings, then the case, then the handle..............then through the protective ground and the ground pin in the extension cord which he did not remove, to the power box, through the bonded ground to neutral, blowing the breaker. There was a flash and a bang, and the drill bit was ruined. He then told me a story about his neighbor who removed the ground pin on his extension cord. He did the same thing with the drill and died without his wife hearing anything. She discovered his body after he failed to respond to her call a few hours later.
What that means is that you can get away with removing the ground pin if you have a working GFI (don't trust it unless you have independently tested it with a resistor shunt), the tool is double insulated, laptop computer with an isolated switching supply and no ground lead, or you have shoes with thick insulated soles. As for the last one, it might not be a good idea relying on the shoes. I got shocked by 700V through my 1" thick rubber soles (there must have been a crack), and one of our workers touched an 11kv motor line and it blew a 4" hole through his rubber sole flowing to ground, which shouldn't have happened since he was hi-pot tested with a coil before he went to the job site.