I am pushing my basement finishing project off for a couple of years, so I will not be moving the water heater in the near future. Is this corrosion bad enough that I need to have it repaired before I end up with a flood?

UPDATE:

I cleaned up the joint with a metal brush. It looks like the buildup of rust and scale has actually sealed the joint up. Here are photos. I am not sure if I should just let it be now. I am scared that if I take the joint apart, the nipple will be damaged. 

[![enter image description here](https://i.stack.imgur.com/6w5Zp.jpg)](https://i.stack.imgur.com/6w5Zp.jpg)

[![enter image description here](https://i.stack.imgur.com/Etsjf.jpg)](https://i.stack.imgur.com/Etsjf.jpg)

[![enter image description here](https://i.stack.imgur.com/8Nswy.jpg)](https://i.stack.imgur.com/8Nswy.jpg)

[![enter image description here](https://i.stack.imgur.com/0mqnU.jpg)](https://i.stack.imgur.com/0mqnU.jpg)

[![enter image description here](https://i.stack.imgur.com/NcR1v.jpg)](https://i.stack.imgur.com/NcR1v.jpg)