Using the 1/2" bit, drill about a dozen holes around the outside of the garbage can. This doesn't have to be perfect!
Drill another hole in the bottom of the garbage can.
Set the garbage can in place, keeping in mind that it will drain. I keep mine on the ground and the liquid seeps into the soil.
Begin adding kitchen waste immediately. Keep the lid on the can. Continue adding kitchen waste as you have it.
When the can is completely full, let it sit undisturbed for several months.
Harvest compost by the shovelful or by upending the can into a planter bed or wheelbarrow.
Notes
This easy method is a perfect solution for the folks who lament their lack of space for composting. The way I see it, you’d need space for two garbage cans in order to make this work. One active can and then a second can to put into service during the few months when you let the first can “rest” before harvesting it.