Heck yeah you should give it a shot. No reason not to. As you said, you can't use it as a pot anymore. What good is a bucket with a hole in it? Best case scenario, it works. Worst case, you wasted a little time, drank a few beers, and had some fun, and threw it away anyway.
22.5 OTS(H), 22.5 OTG(DA), 22.5 Daisy Wheel Kettle(EE), NBBD, UDS, MUDS, 6-burner gasser