fixhouse wrote:

In my basement I have a standard washer hookup. Hot and cold supply
lines lead to a single valve with a vertical lever that, when down,
allows hot to go to the hot washer hose and cold to the cold washer
hose.

The single valve with the vertical lever (I do not know what it is
called) is failing. Water is slowly dripping from the interior of the
lever area, which looks rather corroded. The value is probably 40-50
years old.

SNIP

Sounds like an old Cash-Acme WMC valve.

In typical fashion the staid old co. was sold and moved and resold, etc.
It is now part of some Int'l group.

But the valve is still listed:
http://www.cashacme.com/wm.html

Here's a similar:
http://www.plumbingstore.com/wash.html


As others said, shut off the main and drain the piping from floor above.
Do NOT drain the water heater; not necessary.


Jim