lack of pressure and bad drip

HElP! All of a sudden, my kitchen faucet started dripping like crazy. It's hot water that's dripping. In addition, at the same time, a drop in pressure and what seems like air in the line started too (only in that one hot water faucet). Everything else in the house is fine. Is there a problem with my gas hot water heater? Doesn't seem like it if the rest are OK. Do you think there could be a leak in the hot water line? I've checked but don't see anything. Losing lots of water...HOT water. HELP!