What a horse shit response to Sheldon's post!
It's true that a hose will only expand so far when containing ice. Very true. Those of us who have lived in areas of real winters and real freezing temperatures know for a fact that the hose will BURST, and thus expand no further. The only thing that may stop it from happening is to leave the hose end open so that water will drain before freezing begins, or drain your hoses and take them inside before freezing weather comes.
The water in the hose bib will freeze too, if the hose is left connected (ahhh, bitter experience, friend, bitter bitter experience -- I was a fool!) and if the pipe bursts the leak will either be in the basement or within the wall and siding through which the plumbing runs. It's a bloody, bloody mess, my friend! Turn off the water supply to your outdoor taps!! Anyone who has had their pipes freeze will tell you that your plan is idiocy.