Joined: Jul 2008
Posts: 787
Likes: 456
From: State of Jefferson
Bikes: Ciöcc, Bianchi, DeRosa, Eddy Merckx, Frejus, Hampsten, Kondor, Losa, Magni, Pegoretti, Pelizzoli, Pogliaghi, Scapin
That's a one key release and all you need is an allen wrench. Loosen it in the normal direction and the crank will come off the spindle.
Edited to add: The part with the small holes is threaded into the crankarm and holds the bolt in place. There is no need to mess with it unless the bolt is broken.