It's a cheap (junk) gate valve with a snapped stem, you were lucky it lasted that long. Call a real plumber and have it replaced with a full port ball valve. From what I've read here I wouldn't suggest doing it yourself. Your other option is to move.
kenny b
You already have loads of input, mostly good.
Definitely get the water company to shut the street valve.
What I would add is to hacksaw the upper elbow thru its middle so that end is free, then unsolder the bottom end of the valve. The heat will boil the water out (careful of boiling spatters). Then unsolder the rest of the elbow, clean both ends, and sweat a new valve and elbow into place. You may need to add a short bit of pipe between the valve and elbow (if the new valve is smaller) or cut a bit off the top of the vertical pipe (if the new valve is larger).
Hey Ace, it's a gate valve.
Don't you just love it when DIYers get in on the act? Aren't they soooo cute?
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------------------------------------- As your faith is strengthened you will find that there is no longer the need to have a sense of control, that things will flow as they will, and that you will flow with them, to your great delight and benefit.
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