Can anyone explain or at least provide the phisiology of bilirubin metabolism for me and save my a*s?

I don't know if I can save you from actually having to read your homework assignment, but bilirubin is the byproduct left over from the breakdown of your red blood cells.  The iron in a red blood cell is recycled, and the waste byproduct of the breakdown is bilirubin, which is cleared from your blood via the liver.  From there, it goes out in your stool.  Bilirubin measurements can tell you how efficiently your liver is functioning.  If you have a normal bilirubin level (1.2 - 2.4), then your liver is doing a good job.  In alcoholics and people who abuse drugs, thus killing off their livers, bilirubin levels can increase.  By the time they get up around 12-14, death is usually the next step.

Well here's what i know:

Red cells broken down - Hb is released. Pyrrole ring is converted into biliverdin and then bilirubin which then travels to the liver bound to albumin.

In the liver, bilirubin is conjugated with 2 glucuronic acids (by enzyme glucuronyl transferase) - forming bilirbuing diglucuronide. This is then actively secreted into the bile ducts - passes into the duodenum. In the intestines, the existing bacteria split the glucuronic acid and form bilirubin again. this is converted into urobilinogen.

80% of this is converted to sercobilinogen and oxidised to stercobilin (gives faeces its colour).
The other 20% is absorbed into the portal veins and gets reabsorbed and taken back into the liver - and re-excreted [this is the enterohepatic circulation - i.e. passes from liver, to intestines and back again]
5% of this 20%  goes into the systemic circualtion and is excreted by the kidney in the urine.