Gawd...this is one of the simplest of home repairs imaginable...
http://www.ehow.com/how_6106407_change-washer-hose-bib.html
Instructions
Things You'll Need:
* Adjustable wrench
* Screwdriver
* Toothpick
* Replacement washer
* Silicone grease
* Teflon tape
1.
Locate the water line running to the bib. Shut off the water line. Locate the packing nut that connects the water line to the bib.
2.
Turn the packing nut counterclockwise with an adjustable wrench. Remove the valve stem from the bib assembly from the outside.
3.
Remove the screw holding the washer in place on the valve stem. Use the blade of the screwdriver to pry the old washer loose. Use a toothpick to clean any debris from the well that the washer sits in.
4.
Insert the new washer and replace the screw to hold it in place. Coat the valve stem threads with silicone grease to make reassembling the bib easier. Coat the outer threads of the bib assembly with Teflon tape.
5.
Insert the valve stem into the body of the bib. Tighten the package nut to secure the assembly. Turn on the water supply.
A new washer should only be a few cents, although you might have to buy a package. Still, under $1.00.