If you want to avoid a future flood, you might think about replacing it. 8 years isn't bad, but who knows, you might be able to get another 5 years out of it? Otherwise, just wait till you start leaking water out the bottom of the tank. I believe they start dribbling before you get a real flood. How often do you see your water heater? Would you count on the likelyhood that you would see a dribble before it turns to a river? Do you think it will happen on the first day of your 7-day Mediterranean cruise?
One thing that you can do to help the longevity of your tank, and also improve your efficiency, is to connect a garden hose to the drain on the bottom of the tank, and open up the drain valve. Leave the valves (if there are any) at the top of the tank as they are, and you can leave the power/gas on. You're not draining the tank and letting it fill with air, you're just drawing water off the bottom instead of the top. This process will help flush out 8 years worth of scale that is piled at the bottom of the tank. If the water stops flowing out the hose, unhook the hose and crack open the valve. If water still doesn't come out, you've got scale plugging up your drain valve. Otherwise, the scale has plugged up your garden hose, look at sharp bends or kinks to find the blockage. If the valve is now pluged, you'll need to either gently poke something up through the valve opening to push the scale back, or turn off the supply line to the tank, and connect a double-female end hose (take the one off your washing machine) to another source of water and 'back-flush' through the valve.
You may get a surprising amount of crud out of the water heater. In my parents years ago, I dumped it all into a 5-gallon bucket, and there was probably one gallon worth of the scale.
The dripping from the faucet thing, is this the valve at the bottom of the tank or the safety valve at the top of the tank? If the safety valve is dripping, you may want to replace the valve (it's called a T&P - temperature and pressure valve), and see if you need a small 'expansion tank' added to your piping. Water expands when it's heated, and sometimes it's just enough to pop off the safety and make it drip a bit.
If/when you do replace your water heater, take the time and expense to add shut-off valves at both the hot and cold pipes. I like to use the braided steel-covered flexible lines to connect to the heater. You only need a 12 or 18-inch length, but then next time you change the heater, all you'll need to do it is a wrench, no soldering involved. Ditto for the gas line if you have a gas heater.
If you have a floor drain in the basement, consider putting a drain pan under the water heater as well. Pipe it right to your drain.
Also, while you're at it, get a pair of those braided steel washing machine hoses, is that what exploded on your washer to make the first flood?
Good luck.
John
. I'm replacing it and am trying to figure out if I should go ahead and replace the water heater, as well, in order to avoid future floods. 
) I think I'm going to replace. Start new and make sure I keep up the maintenance and go with real plumbing instead of these strange contraptions and gizmos used to install this thing. Holy moly! 
), but once I get a list of prospective water heaters going, I'll be back on here for reviews!
