Used to hold water, nothing special about it.
In the Mission: Fixing Ack, a Water Bucket can be found somewhere on the floor of the Civil Corps building.
Data taken from game assets, game version 7.0100427. Listed values are without The Giver skill, which gives an extra 1-2 points.
All other characters will default to Neutral (+1).
The Water Bucket is the only item in the Gift tab that is a furniture.