You can install it OVER a floor drain, but not INTO a floor drain, if that makes any sense. If you have a drain pan, it can discharge into that. Note, if the thing opens fully, it'll still splash, and if your outlet from the pan isn't big enough, it can overflow, so you want to size those accordingly.
If I was going to install a WH in living space where flooding was a potential problem, I'd install it in a pan and I'd install a WAGS valve to shut the water supply off if it did leak
http://www.taco-hvac.com/products.html?current_category=65. The valve also has a switch in it that can be used for some WH (gas and oil) to shut it down if it trips. Installed by a trained plumber, you get a 'free' insurance policy against damages. Won't pay for lots of ruined flooring or materials, but it would make a dent, plus, assuming it works, it shouldn't happen in the first place.
WAGS uses a water soluable 'puck' that holds a spring-loaded valve open. Similar to the life vests found on an airplane that automatically inflate when they hit the water. It's a one-shot valve, so no testing! It takes a build-up in the pan of around 1" of standing water to disolve the 'puck' and close the water valve. If your gas/oil WH's valve is compatible, it will also prevent the WH burner from trying to turn on (optional kit, not needed for an electric WH). It's nice to not have the burner on trying to heat a now potentially empty tank!