Can I turn the water off at the street to work on my plumbing?
I shut mine off at the entrance to the house, rather than the street.  The hot water tank has some elasticity to it, so it will hold a little "pressure" but that will bleed off with a faucet open.  If you wish and are able, you can drain down the system by opening a faucet that is lower in elevation than the one you are going to repair.  This is usually not necessary.

A couple of tips.  Slowly reapply pressure, not just in case what you fixed is leaking, but also so that the hot water tank doesn't get a rapid change in pressure.  Also you might want to put the hot water tank on pilot, rather than ON, while doing your work.  You do not need to drain the tank.  If it is above the faucet you are going to repair, it may be necessary to turn the water off on the tank. Usually this is not necessary. (Example of when it is: You are fixing a faucet in the basement, and it is located below the top of the hot water tank.  In that case, you need to close the valve out of the tank.  But you do not have to drain it.)

Slowly open the faucet after you apply water pressure, so that any air is bled out without hard slugs of water causing hydraulic banging in your pipes. If you leave a faucet open, you may end up with splatter on walls and floors from water and air coming out of the faucet when you first turn on the water.

Good luck with your repair.