So wooden bucket type pot needs drainage holes.... i live in appartment so ill have FTS ship me some soil from the store. And get a few flytraps.

That's gorgeous.

Wood pots are ok right? What about adequate drainage??

I am not sure if wood would build up minerals over time or not but you can always use a sealant just in case and also protect the wood from decay at the same time.

As far as the drainage make your own holes with a drill.

Unless it is a barrel bucket specifically made for the transportation or storage of drinkable fluids (wines, spirits, and potable water) the wood will probably have been treated with chemicals to prevent rot, most of which are toxic to CPs. Your best bet to be on the safe side, is to put a polythene liner inside the bucket with a hole or two in the liner where you want the water level to be and a hole in the bottom of the barrel to drain excess away.
If it isn't treated in any way it will probably rot fairly quickly (three years or so) due to the wet acidic nature of the medium.
Cheers
Steve

I need this kind of bucket, too, and I think it's a very good choice.