Electric Soldering Iron is easiest but it stinks.

First, make sure you have some good ventilation for this. I have used a hot screw driver. Don't use your best one, as this will anneal the temper out of it. If you have a gas stove with a overhead fan turn on the fan, heat the screw driver over the burner and make holes to your hearts content. Don't breath the fumes as they probably are not good for you. Just an aside, You don't need as many holes as you think for a bucket that size. But if it makes you feel better, perforate it like a colander. Happy worming. Steve.

I used a glue-gun (w/o the glue stick). But it did stink.

OK, thanks guys.

I used a 5/8 hole saw bit to ventilate the lid of a rubbermaid tote. It makes clean, uniform looking holes. Any hardware store or Walmart would have one. Much better than using drill bits.