Backyard faucet replacement

I have a cold water faucet in the backyard, the problem is when it is on the water drips and sprays out of the knob. I'm assuming that the whole faucet needs to be replaced.
The pipe coming out of the wall stucco is maybe 1/2" pipe, From the wall to faucet it goes pipe->nut->exposed thread (part of faucet body) ->faucet body. I was wondering if this is just a compression fitting.. Or is it a Pipe threaded nut soldered on the pipe and the faucet threads onto it?
Of course, I would shut off the main water supply first, but I would want to make sure I'm wrenching on the right thing. Would it be a good idea to use a visegrip on the pipe while I'm unscrewing the nut to avoid stress on the pipe? The faucet should be about 20 years old with some paint over it.
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Sounds like a typical hose bib. Go to Lowes or Home Depot and get one for under $4. It is a good idea to hold the pipe with a grip because after 20 years - and rot can happen. I just bought a house and replaced four hose bibs in under an hour.
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Maybe just the packing needs replacement. First step: locate the nut under the knob. Tighten that and see if the problem goes away. If not, remove it and remove the packing material under it. Go to any hardware store and buy replacement packing (I prefer the teflon variety for cold water). Follow directions on package, tighten nut and try again. Step 2: than you replace faucet :>)

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On 1 Mar 2005 10:26:14 -0800, jeremy snipped-for-privacy@my-deja.com (jj3000) wrote:

Do you live where it freezes? Was a hose left on?
If this a frost free sillcock it may be possible to simply replace the cartridge inside the faucet. A relatively easy job.
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On 1 Mar 2005 10:26:14 -0800, jeremy snipped-for-privacy@my-deja.com (jj3000) wrote:

It is much better to replace the packing and washer, and while replacing the washer, check to see if the seat needs replacing or grinding. Doubt the seat comes out, so have your $1.79 seating tool ready.
PJ
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Replace it with a ball valve. Home Depot carries them.
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Cross bucking (using a second wrench to keep the pipe from turning) is always a good idea.
Can't tell for sure, but it certainly sounds like compression fitting.
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