Hmm... it's a valid idea, but I think it's too expected. The use of the epic music for an anime everyone already knows isn't epic kinda lessens the impact when it explodes. Plus the explosion happens when the bucket is still in mid-fall, and you can see them still, so it doesn't really have the slapstick impact going for it. If you read the earlier post I did, a lot of the impact is a silent moment for a split second right before the loud explosion, but that's not the only way. Deuce had a good example with his clip's music, since usually the music has to contrast the explosion.
You might remember this one:
http://www.youtube.com/watch?v=exuX4LPS ... re=related
If you analyze why it works, a lot of it is in the fact that it's dead silent first. The other obvious parts of course being the contrast of the music and the scene ^^ The red helps too of course ^^
If you do want to do a penguin explosion, we'll have to make it something new somehow, since the penguin is already well-known from the AMV Hells. It may just end up being dead silence and as soon as the penguin hits the bucket, have the click-boom and don't even let the bucket hit the ground. But make sure in any case to cut to an explosion where you can't see the scene as soon as the explosion sound happens. If you can still see the characters, it kinda kills it.
Here, I did a quick example with what you have: davidkrein.net/BucketofDoomTest.rar
Still doesn't quite work, it'd be better if I had the end of the song and the music trailed off, but it's different from the AMV Hell ones in its punchline. But with the music you can still sort of tell something's going to happen. I dunno, you chose a challenging one.