I prefer can over shoebox/cardbook because it's more durable and doesn't give as much light leak.
Using a soup can may be too small.. your photo paper would have to be quite small

if you don't mind that, sure, go ahead!
Black construction paper works, but you have to be sure that all surface area is covered, sealed tight. Also, don't forget to colour the masking tape black if you're not using black duct tape or electric tape. Another downside of using paper is that once you finish covering, your box/can becomes bulkier and harder to close and open. If you don't have spray paint, you could always use acrylic paint to do it.
You don't necessarily need a drill for making a hole in the can. What I did was I took a pin (or thumbtacks, anything that has a sharp point) and
carefully nailed a tiny hole on the lid with a hammer. Do it very lightly because you don't want a huge hole. The bigger the hole is, the shorter exposure time you'd have to do. I had a friend who made her hole too big and on a sunny day, she exposed it for less than 5 seconds! Obviously, with a bigger hole, you have less flexibility in exposure time.
I would love to show you my pinhole photos, but I don't have a scanner.