Plumbing is often a messy task. It often involves needing to drain a water line. (Can I tell you about the time I needed to drain a sewage line? NOT fun.)
The point is, you may well need to drain the system, so that water does not come out when you open that valve, or at least it is not under pressure. Run a hose to a proper drain, as these drain valves usually have a garden hose connector on them.
If the air bladder on the tank is ruptured, then there is essentially no air left in the tank. I would probably take an air line to the needle valve on the tank to try to purge out some of the water that may remain in the tank. That water will drain out more slowly otherwise, but it should drain out even without help, but more slowly.
Using a screwdriver handle, tap the tank. Does it sound hollow? If not, then you need to get some of the water out, or it will be quite heavy to handle.
Now, remove the tank.
Install the new tank, using either pipe dope or teflon tape thread sealant on the threads. If there is PVC pipe involved and you are using pipe dope, be careful to use a PVC approved dope. Some pipe dopes could cause problems with the PVC overtime.
Re-pressureize the system, bleeding out any air in your lines. This may take some effort.
Clean up your floor, as I always leave behind at least a small puddle of water.