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Why is my hot water heater leaking from the copper pipe on the side?

I'm most interested in knowing if this is something that I can repair myself quite quickly or if I need to replace either the heater or some part on the heater.The water heater is a Power Miser 9 (30 gallon); model 153.337363. It looks like it may have started leaking only in the last few days. We only noticed it this morning. We've been using the heater a great deal in the last 60 days. The amount of leakage filled up a 5 qt pan in 20-30 minutes. The
water is leaking directly onto the basement and there is no drain, so it's puddling on the floor. I believe this may be the discharge pipe.

Building Supplies
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1 Answer from this member:
scott d
by scott d Earned 8,216 community points in Building Supplies
February 11th, 2010
Jenni Graham
How much does something like this cost to fix? Estimate of course.
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