As the first answer you must isolate the water flow to the tank, then any work can be carried out on the ball valve, wether replacing the valve or the washer to the valve, I wouldnt advise bending the arm of the valve as this is only a quick fix, replacing it is the best option as they are very cheap. If it is a gate valve that you require the turn of the water supply and drain down the the hot water tank then you should be able to replace the valve without any water seepage. the gate valve is useually the the one with the red knob good luck.
Malcolm Leith Valley Maintenance., May 2009