I've done this before, but not on a sloped site on the uphill side. You could be asking for trouble, since you'll be disturbing the grade and possibly allowing groundwater an easy-in.
Are you cutting the opening from the inside or outside? If outside, you'll need to dig a much larger hole than you think so you have room to work.
The sill of the window should be at least 6" above the finished grade of the well, and the window's clear opening should be no more than 44" from the finished floor.
If you have good draining soil, you can probably install about 12" of drainage gravel in the bottom of the well as temporary holding capacity. If you have clay or other poor-draining soil, you may have to use a sump or install a drainage line that takes any water away and/or around to the other side of the house. If the house has a footign drain it might work to connect to that, but in a heavy rain this could backfire if the footing drain is overloaded.