look at the pipe coming down from the loft, that you say has cold water in, that pipe comes from the cold water tank and gos into the bottom of the cylinder if you can feel it with your hand it should have a drain tap on the end as well. shut that valve off half way up the pipe and turn your lowest hot tap on and it will stop running in about 2mins.
if you can't shut that valve because its seized, just leave the taps open and drain the tank as you have already shut main stop cock for the cold. once you have drained fit a new gate valve if that one has seized
hi-spec plumbing, April 2007