As mentioned, that heat is needed for the gasses to properly vent out of the house. Without the heat, no chimney effect. No chimney effect, no gas flow out of the house. No gas flow out of the house, no wake up after you go to sleep. Get it? While wasteful, its essential to have that heat there.
If you want to save that heat, you can but you have get a power vent. Those are a fan that forces the gas out of the house when the burner runs so the "wasted" heat is not needed. Then, that extra heat can stay in the water heater (or furnace). Power vents also have flappers on them to stop the flow of air after the burner turns off so warm air dont keep going up the stack on its own, even when not needed.
So can you capture and save that heat? Yes. Can you use a fan to do it? Yes but you wont if you are smart and want to continue waking up in the mornings. Is it worth trying to save that heat? Not economically. If you are doing this for economic reasons, there is much lower hanging fruit to get. If you are a Gore-zombie willing to spend more than you will ever save, there in no talking logic or reason to you so I will just say have fun and be safe.
A non-leaking water heater and discarded patio door would make a super cheap batch type water heater and would save more energy that a death trap fan setup ever would. All it takes is a little of your time and some scavenged materials. http://www.builditsolar.com/Projects/WaterHeating/water_heating.htm
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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