Testing Gravity

If proper sanitation is used, can I take gravity readings straight out of my fermantation bucket?

Hypothetically, yes? Are you thinking about just floating the hydrometer in the bucket?

I would go ahead and just boil a turkey baster for 5 minutes, pull a sample, and check the gravity. Plus, you will get to taste the sample

As long as you sanitize it completely, then yes. The whole point behind a separate reading is just extra precaution, especially for those with less than ideal sanitation techniques. In fact, I have done direct gravity readings multiple times when I don't feel like tasting the brew at the moment (which is only after I just brushed my teeth).

In fact, when I have my brew in the secondary I often prefer direct readings. Its less work and trouble to just sanitize the hydrometer and place it directly in the fermenting vessel for analysis versus sanitizing a container and removing liquid that will end up lowering the level because I almost never put back in what I take out...its just too tempting to taste!