Do you still have the old tank? You didn't mention whether the elements failed or the tank itself blew out...if the Tank is is in good shape you can make a nice Solar Heater to boost your new one.
If the Tank rusted out, keep it anyway and make a Kick-ass Woodstove out of it! You'll need to cut it a little anyway, so a small hole or two won't matter.
Here's some Water Heater info:
Solar Water Heating Projects and Plans
And a Water Heater Woodstove:
The Amazing $500 Wood-burning Stove ... That You Can Build for $35 (or Less!)