That tank is the Flow and Expansion tank that serves your central heating system.
If you tie the ball cock up, you will stop fresh water entering the tank, therefore you can start to drain the system down.
You can minimise water loss by turning the radiator valves off.....be aware if they haven't been used frequently, there is a possibility of leakage from the rad valve gland, but this is by no means certain.
Shift any carpets in the area of the drain down.....some of the water is sure to be black!
If the system was mine, I'd turn that radiator off, and then undo the leaking nut once you assume you have drained down enough....I'd then pull the pipe out of the valve, wrap some PTFE tape around the olive ( complete with some sealing paste) and then shove it back into place.
If the end of the pipe is distorted at all though, a new length will need to be grafted on.
So - just to add to your misery, I'd wet vac any crap out of the F&E tank before allowing it to refill.....which would include inhibitor, of course!
John