Used to do the dump-it-in-the-bilge thing with my old low-profile jet. But that's a freaking mess, not to mention an environmental disaster when you pump the water out of your bilge - you can never get all of that oil out of the bilge.
I bought one of these things years ago after trying one of the 12 VDC "pumps" and finding it lacking. Forget the shop vac thing. You don't need it, and it's a potential explosion hazard.
http://www.northerntool.com/shop/tools/product_390306_390306If you have (or can install) a drain line in the bottom of your oil pan, just hook up the free end of the hose to the spout on this can and pump away. It'll remove all of the oil in a few minutes - no fuss, no mess. I'd say it's worth pulling the motor to install a drain hose, if you don't already have one.
I've used 5/16" & 3/8" oil drain lines. Either a hydraulic line with one end attached to the pan fitting (37 degree -AN type), or transmission hose, double hose clamped onto a tube stub. The free end gets plugged with a bolt and hose clamped. I leave the hose a little long so the free end can be tie-wrapped to something that'll hold it above the normal oil level - just in case. Matt