Like said above, be aware of what compressed gases can do. Although compressed air isn't as hardcore as superheated steam, it can still get pretty hairy.
If you do decide to go this route, make sure you have some sort of bypass/safety valve to safely release pressure once you reach a set limit. Most compressors operate around 120 psi, which in THEORY your hot water take should be able to handle.
You will first have to remove and disable all the water related plumbing and plug those unnecessary holes...Stripping down the tank from its insulation is a good idea. I guess you would have to make some sort of frame to hold your tank and pump. For plumbing needs look to your smaller compressor for inspiration.
For the naysayers, the compressor I use weekly is cobbled together from bits and two bottom halves of 30lb propane tanks, made over 20 years ago.