Do you have any problems with the handles with the water? I was thinking about hanging my 5 gal but was worried that 5 gallons of water would weight to much and might break or crack the handle.
1. With most buckets, you can remove the handles and devise some other method for hanging (chain, rope, etc.)
2. Make a bucket hammock/sling
3. Support the bucket from the bottom (cross a couple 2x4s or use some plywood)