Electricity and cold water supply are off. I'm in the process of draining the tank now, one bucket at a time, since there is no drain in the basement. The kitchen hot water faucet is open. Already had a hose on the drain faucet since I flush the bottom few gallons every three months or so.
The relief valve has a PVC pipe leading downwards, I guess to prevent a person from getting sprayed in the face when it opens. That is where the water is coming from. It's the relief valve, probably. Not a major failure yet, a slow leak, but enough that it seems to have happened overnight and there is a quarter inch of water in parts of the basement. Fortunately, no cabs have been damaged that I have seen yet.
I just have to figure out how to get this sucker off. I'm good with wiring (I rebuild pinball machines as a hobby) but don't know tons/have good tools for plumbing.