As a long-time home brewster, I'm a little confused by this recipe. Malt syrup is usually packaged in 3.3 pound containers; 12 ounces would produce beer that is nearly water. I don't know what a fermentation tank is, either, but you wouldn't need a 7-gallon container for a recipe using only 2 1/2 gallons of water. The usual container is a 5-gallon food grade bucket or glass carboy. ALL the water should be boiled. If you just add more water, you're adding germs that can spoil the flavor of your beer. The wort (liquid malt and water mixture) must be cooled to room temperature before the yeast is added. You can't just throw a packet of any old kind of yeast in. Well, you can, but don't expect good results. You need yeast specifically designed for brewing to make a beverage worth drinking. The best thing to do as far as equipment is concerned is to consult a homebrewers supply store. Don't "burp" it; if you have it set up properly, you will have an outlet for the gases to be released. I highly recommend Charlie Papazian's The New Complete Joy of Homebrewing for more information.
Some tidbits to know about brewing, in case you'd like to give this recipe a try: a 'fermenting tank' could refer to a primary (large food grade plastic bucket, around 23 gallon) or a carboy (large glass jar with a narrow neck, around 21 gallon). The key in the fermenting, regardless of container, is to allow gasses to escape and prevent bacterium or the dreaded fruitfly to get in (A single fruitfly will ruin an entire batch) Some ideas to 'seal' your fermenter: a clean, unused large garbage bag or sheet of plastic fastened over a wide-mouthed container with an elastic band or bungee cord (you may need to 'burp' it occasionally): for smaller-mouthed containers a balloon with one small pinprick in it can work. The actual carboy sealer is called a bung and airlock. Its a rubber or cork stopper with a hole in it where a plastic airlock fits. Its cheap and available at any u-brew. Also key to remember. Brewing takes place at around 20-23 degrees. Any warmer and you'll kill the yeast. Any colder and you may 'stall' fermentation. Straining the beer is done easiest by 'racking', syphoning the beer off the solids that settle to the bottom of the container. A racking hose (rigid plastic tube with a snap-on plastic tip that prevents the solids from being syphoned) is also cheap and readily available from any u-brew. Home brewing is easy and awesome. It tastes much better than store bought and is immensely more satisfying, not to mention cheaper. Cheers :)