If it is the drain valve with the large white ring around it, shut off the water to the tank and then unscrew the valve counter clockwise until it appears to be turning freely, then pull on it while turning clockwise. It will unscrew out of the pipe, and then you can install a 3/4 female hose faucet on the pipe from the heater. If if is a conventional valve with a handle, then unscrew the valve and install a 3/4 X 2 nipple and female hose faucet. If you do not open any hot water faucets while the inlet valve is closed, you will be able to make the change without draining any water from the tank. You may need a small rag to catch a little drainage.: I have an 8-year old AO Smith water heater. Tonight the drain valve began leaking. We cannot shut off the valve, it just keeps leaking. Is there some way to replace the drain valve or does this mean a new water heater?: Thanks for your help.