There is a lot more to this question than you may imagine. However, to put it simply, energy is what matters in terms of heating, so watt hours are what you are interested in, increase that and it heats faster, it is based around the specific heat of water. There are some calculators around, don't know how good they are, one here for example,
http://processheatingservices.com/water-heating-time-calculator/The elements will be rated for a wattage at a given voltage and current, which must not normally be exceeded. So you need to get elements rated for the voltage you have available, which will be 120VAC, there will be a number of power ratings for that voltage, which determines the current they will draw. Ohms law v=i*r, and power, w=i*v, are the equations needed to solve all you want to know. These will all be rms values, which is what is needed with respect to power.
There are tables for the current capacity of wires, there is also the issue of voltage drop due to cable resistance to consider, see the info in the link below, for example
http://www.electricaltechnology.org/2013/09/electrical-wiring.htmlAlso be aware that water sitting in a tank can stratify, so the water at the top can be at a much higher temperature than at the bottom, this can be done both intentionally or not, depending on the application. If you need a more even temperature distribution, then stirring may be needed.This issue comes up when you consider where and how the temperature is sensed for control purposes, where the heater(s) is located, and the configuration of the tank.
The only other issue you have to deal with is safety, this voltage is lethal, so take care, no exposed wiring, and no possibility of the water coming into contact with live circuitry either. All metal surfaces that could potentially go live must be grounded, and earthleakage/breakers should be used as well.
Cheers,
Richard