If your hot water tank is a fair distance away from your indoor spigots, you might want to consider installing a water re-circulator. Brad installed one at my mom's house for her. We already had one at our house. The idea is that this little pump on a timer will send hot water through your pipes, so when you turn on the water, it is instantly hot. No wasting water while you wait for it to warm up.
You can get one at any hardware store for about $100. They take an hour or two to install. My mom said that there was virtually no change in her gas bill and she isn't washing her hands in freezing water any more. Save some water!