Just wanted to post a solution (yea I know the best would be to replace it) I had to come up with for my propane water heater.
Turns out the only leak (I know its got some ugly surfaces) was the drain valve of the water heater.
I had a few trips to the local hardware store, and lowes before I found a proper fitting part.
Here is a picture of the original drain (it has a white plastic handle to turn it (it broke off when I turned it hard)