Interesting idea. This is sort of like using the water already stored in your hot water heater. If I lose all water pressure from the city I still have 40 gallons or so in my hot water heater in the attic.
One concern I would have is if the local water supply becomes contaminated - local authorities issue a "boil all water" directive, etc. Then all your "stored" water is also possibly contaminated.
Granted this doesn't happen very often, but something to think about. Maybe your plumbed in supply could supplement what you have stored so that 99% of the time you have a lot of good water, but you aren't totally dependent on it.
1. I think typical household water pressure is around 30 - 40 psi - this may vary quite a bit from area to area, but a ballpark figure. I think plastic 55 gallon drums would rupture at that pressure - so that is not a good idea... I would think this definately would not pass inspection for being compliant with local codes.
2. The first thought that come to mind is pipe! - lots & lots of pipe!!! Using 2" I.D. pipe (just for example) you would need approximately 335 ft. of pipe to store the equivalent of one 55 gal. barrel. Bigger pipe would obviously require less length. If all the water is in pipes, there really isn't anywhere to stagnate. On the other hand, I have never heard of a case of water stagnating in a hot water heater, so maybe several water tanks (steel not plastic) could be plumbed in line for this purpose.
3. Simple check valve (or series of check valves if you want overkill) would solve this problem easily.