Necessaries List: Two 3/8" rubber grommets, one 34" rubber grommet, one power squid, one replacement plug (to replace the one you'll cut off the power squid), power drill, metal cutting drill bit and mandrel, WD40, Band-Aids (just in case). Vintage minnow buckets are available on EBay, for about $15. (Have you seen the new soul-less plastic ones? I guess they're useful...)
Step 2: Preparing Squid (Power Squid that is!)
Snip the plug off the power squid. Set the squid aside, and toss the plug.
Step 3: My Minnow Bucket has two parts
The outer bucket (with the charming minnow graphics) has no lid. The inner bucket is perforated, and has the lid, which we needed, so we used both parts.
Step 4: Drill Two Holes for the Power Squid Cord
In each of the two bucket parts, drill a small hole about an inch from bottom of what you've determined to be the "back." This is for the cord. Our first hole didn't turn out very well because we didn't clamp the bucket down well enough, but our second hole turned out very cleanly, and didn't warp the bucket at all. Pop a 3/8" rubber grommet into each hole to protect the electrical cord from those freshly sharp metal edges. I guess that's pretty obviously necessary, right?
Step 5: Make a Larger Hole...
Drill a hole in the center of the hinged lid of your bucket. We found it helped to have an extra pair of hands keeping the mandrel flush against the surface of the lid. Place a 3/4" rubber grommet.
Step 6: There's a Squid in My Minnow Bucket!
Thread the power cord through the bucket liner's rubber grommet, then through therubber grommet in the back of the exterior bucket. A little WD40 will be helpful, as the fit will be snug. Carefully pull the cord through both holes, so that the inner bucket will fit neatly into the outer bucket with no extra cord to get in the way. Nestle the power squid into the bottom of the bucket. Our five-plug squid fits snuggly; you may want to take your minnow bucket to the store to check for fit.