How do I hollow out wood?

I have a cube of wood. And I want it kind of like a box. With its sides but with a big hollowed out inside and nothing on one side. Kind of like a bowl in a cube form. How would I go about doing this? I could use a knife, but to me that sounds like it would take too long. What tool would I use to do this... Would a chisel and hammer work? Or what? I'm not too familiar with tools that would do something like this....