Making the bucket hang more realistically is incredibly unimaginative. What if the bucket was filled with water? When the arrow hits the bucket, it swings realistically, with water spilling over, coming to rest with a slow overflow until the water level is lower than the tilt. You could then walk up to it, take back your arrow, and have the water spill out more until it's again lower than the level of the unplugged hole. You then realize that it's not water but rather some magical substance and you just found the well. You dip the bucket into the well to get some of this potion to fill a few bottles, and when you fill the bucket and bring it back up, the substance again spills out through the hole, realistically spraying the side of the well on the way up. After you've filled up the bottles, you look to your feet and you notice a big puddle from the mess. Not a flat puddle, but one that has seeped into the cracks and followed the seams in the ground. While looking at this, you hear some large creature approaching your position, with large ripples appearing with each footstep, causing the water to move down the seams in a different pattern. Etc, etc, etc...
Physics can easily take the experience to the next level.