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Been there, done that, got the t-shirt. Most likely the thermosat is bad, or the water heater needs to be replaced due to age and sediment build up. If it heats up, gets hot, then pops the CB, then odds are it's overheating. I doubt (though it's possible) that it was wired on the same circuit as anything else; unless one of the previous owners did his own wiring. I don't think any electrician would have done that.
