If it is a freezeless faucet you have to replace the whole thing. They are made so that a valve under the ground opens and drains the water out of the pipe that goes above ground when you close the handle on the top. This prevents the pipe that is out of the ground from freezing in the winter. No easy answers to this one. It will either take the better part of a day for you to dig it up, repair it and fill the hole back up again or you can hire it done and it will take a pro with a backhoe two hours to do it but it will cost you a couple hundred bucks.
There's nothing like the Rockies in the springtime... Nothing like the freedom in the air... And there ain't nothing better than draggin calves to the fire and there's nothing like the smell of burning hair. -Brenn Hill