This technically isn't a purse, but I can envision possibilities.
Add a strap?
Shoot, just use it to store you purses.
All I know is that it's cute, and Jodie of Ric Rac has posted a tutorial.
(thank you, Wendy, for linking)
Speaking of buckets, containers, and totes, here's a fun recycling project: a bag over a bleach bottle
From Aleene's Creating with Plastic Bottles booklet, 1966
It used to be in vogue to crochet a top portion over a bleach bottle base (see the little green purse)
like in this leaflet of patterns for crocheted bags, from Coats & Clark, 1973
MineFull has posted a tutorial for her version
Here's a similar one by Dottyral
She says, "I just punched holes around the plastic bottle. Did a row of single crochets through the holes, then a bunch of double crochet rounds. Put the drawstring through it. That's it. I wish I had cut the bottle down shorter. I think it would have been cuter."
This one also uses a bleach bottle, but is made from cutting shapes from the bottle, punching holes in the edges, then stitching the shapes together.
Posted by Compact Collection, I do not know the year this was published nor it's source (though the name Betty Russell is printed on the page).