Yes you can replace the pressure relief valve(PRV) yourself (and it does need replacing). you have to turn off the valve on the cold water that feeds your hot water heater. Then turn your off your heat sourse to the hot water heater (turn off gas if gas, and flip breaker if electric) Then drain your hot water heater by hooking up a garden hose to the drain at the bottom of the hot water heater. After it is drained, then take a pipewrench and unscrew the pipe that is attached to the PRV. Then you can unscrew the PRV from the hot water heater. Next get the new PRV, and put some teflon tape or pipe dope on the threads, being careful not to get any on the inside portion of the PRV. Next you can hand thread the PRV back into the hole of the hot water tank, and once it gets hand tight, then use the pipe wrench to tighten it to the tank. be careful not to overtighten, because, you could damage your hot water heater and have to replace the whole thing. Then reattach the pipe that was attached to the old PRV. Next turn off the drain and disconnect the hose. Turn on the cold water to the Hot water heater, turn the heat source back on.
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Hope this helps and good luck...
Also, make sure to rate every answer you get accordingly.... that way people know if you helped them or not, even without writing a reply.
Hope this helps and good luck...