Leaking (Newfangled!) Hose Bib

[druid9855]

Forgive my (up-to-date) plumbing ignorance. I have a (frostfree?) hose bib/sillcock that has an odd leak. Since this type of gadget is new (to me) here are some identifiers: On one side a Shield with the letters UPC and below ASSE-1018 with the Trademark R. On the other side the letters SA inside a big C and below that N.W.
When I turn it on, water jets out of a hole in the stem located about 1" in from the handle.
Can I repair this? Or do I have to replace it? Either way, some basic steps would be appreciated (at least the ones that differ from replacing an old-style valve seal or replacing an old-style hose bib (by an old-timer! )

08/05/06
I appreciate the advice. When I lived in a house with a basement I installed the simpler version of that- the shutoff valve with the drain nipple for winter. But, what I really need here is some advice on whether or not I can fix this. Thanks.

[HayZee518]

I never trusted the old hydrants (frost free hose bibs) they're expensive to buy. what I use is a regular flanged hose connection valve and a stop and waste inside the house. when frost approaches, I close the inside valve and open the "waste" portion of the valve and open the outside valve. water drains from the outside valve and the waste port of the inside valve rendering the short nipple going outside water free. nipple is about a foot long--