Valve is not identified.
Cold water shut-off valve, TP valve, check valve, mixing valve, drain valve are the usual suspects associated with electric water heater.
Gas water heater has additional valves: gas shut off valve and gas control valve thermostat.
Check valve, TP valve and mixing valve probably need replacement.
If drain valve is leaking, put garden hose cap over end.
Shut off valve probably has a bit of blockage, or is not completely open. Try closing and then opening shut-off valve all the way, and if problem persists, replace or clean out valve.
What kind of noise? Are you sure the noise is from a valve or is it inside the tank caused by sediment build-up inside of tank?
http://waterheatertimer.org/Clean-sediment-out-of-water-heater.html
http://waterheatertimer.org/Low-hot-water-pressure.html
http://waterheatertimer.org/How-to-replace-TP-valve.html
http://waterheatertimer.org/images/Water-heater-with-mixing-valve-300.jpg
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