How to hang punching bag in garage...

[Isocene]

I am trying to hang my punching bag from the ceiling in my garage. It's a water bag that weighs 120lb. Here is a picture of it hanging from a plant hook:
http://picasaweb.google.com/lh...oyzuQE&feat=directlink

Here is the area directly above where it is hanging now:
http://picasaweb.google.com/ma...QE#5337695939085439890

What is the best way for me to hang it?

I was thinking I could use this:
http://store.titleboxing.com/h...-wood-beam-hanger.html

In combination with:
http://store.titleboxing.com/hbs.html

And these:
http://store.titleboxing.com/shook.html

I guess to do that I need to cut a hole in the ceiling to put the hanger in, then put an S-hook/Spring/Spring Hook/Bag. Do I need to do anything to cover up the hole in the ceiling?

Other hanging accessories:
http://store.titleboxing.com/h...y-bag-accessories.html

More pictures of the area:
http://picasaweb.google.com/ma...Gv1sRgCN-ntq_82oyzuQE#

I have no idea what I'm doing when it comes to these things and any advice would be much appreciated!