Grab a cap from the hardware store to stop it on the cheap. If it it is a brass drain valve you may be able to get away with draining the tank and replacing the small washer inside. Replacing the drain valve will be the ultimate solution.
Turn off the power on and electric or shut the gas valve to its off position.
Turn the water supply off above the tank or at the house main.
Connect a garden hose to the drain and open it all the way.
Open the safety valve on the top or side of the water heater to allow air in the tank so it will drain faster.
Unscrew the old drain valve with a pipe wrench.
Wrap plumber's teflon tape clockwise around the threads of the new drain valve and screw it into the tank by hand.
Tighten the valve with your pipe wrench until it is facing down at a 45 degree angle.
Close the safety valve.
Turn the water back on.
Open a faucet or two in the hows to let the air out of the tank while it is filling.
Turn the power or gas back on ONLY after the water heater it filled with water.
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