My 4 month old hot water heater decided to stop working. I went to check it out and found that it had blown the breaker because water had apparently leaked into the wires on the top of the heater and hence blew the breaker. My question is this- Is the hot water heater shot or is it fixable.

As a rule if the boiler welds hold and the leak's just from the inlet or outlet connections this can be repaired without having to replace the water heater. The top thermostat will have to be replaced and the leaky connection repaired. Good luck, Tom