Electric knife is the ducks nuts..
Get a cheapy from the dept store for $20 or so and do your best...
We've just lined a studio with acoustic foam, makes it scary easy.
Here's my 3 options along with the others.....
My wife is an Occupational Therapist and often uses an electric knife to shape high density foam for clients....
We use a Bosch Foam Cutter at the local Boys & Clubs Club to cut the gymnastic mats in....
I have made a "hot wire" foam cutter for shaping Styrofoam for my model railway layout....[I have plans if you'd like a copy]....
Cheers, crowie