Cooking and heating with wood in basement

I want to have my basement set up to go to if major winter weather strikes LONG Term and no gas, electric. My heater no longer uses the chimney only the hot water heater. I would like to put something like a oven hood attached to the old heater vent to vent out smoke, can anyone see a problem with this idea??? I am trying to do this as cheap as I can and not leave it in place.