Water container for fermentation ?

I am wondering if it would be ok to use this 55 gallon water container for fermenting a 1 barrel batch of beer.

http://www.shelfreliance.com/55-gallon-water-container.html

I was thinking it would be pretty easy to rig up an air lock or blow off tube.
I would use it for primary fermentation. Let the beer ferment in this then keg condition for couple more weeks.
Do you see any problems with this idea ?

A few people use them. They work fine....

Wonder how much grain would fit in one of those... Is it possible to get the lid off, or is it all molded plastic, with just small openings??

Golddiggie, I am not sure if the lid is removable or not. It looks like it will in the picture.

Looks like the Central MA/CT grain buy is going to happen (if we can get the sack count up to 42, only need a few more)... So, I'll need something solid to store my 5 sacks of grain in... With only three types of grain, I could go with larger containers for two of the types. I'll probably look around to see what I can find that will work well... I might just get some foodsaver bag rolls (large sized) and make 5 pound bags for each of the sacks... Vacuum packing them should mean they'll be very fresh until I'm ready to crush them. Of course, I'll need to get that barley crusher once the grain is ordered... :rockin: Next order of specialty grains will be whole, so that I can crush them as needed...

Really looking forward to all this.