Shut off the propane gas to the water tank. Turn off the power supply as well. The cold water supply should be turned to off.
Attach a hose to the existing drain valve. Open the relief valve on the water heater.
Open the valve to drain the remaining water. Don't close the relief valve until all the water is drained. Disconnect the hose.
Remove the drain valve with an adjustable wrench and set it aside. Wrap the plumber's tape around the thread of the new valve. Tighten the valve into the location with the wrench.
Open the hot water faucet to see if the new valve is working. Open the cold water to also see if that is working. Check to see that the valve is not leaking and turn the gas and power supply back on.