Sorry SCG... having been a Maine-eeeack for a dozen or so years, I can vouch for the situations you often describe. If you look at the main spigot body below the turn handle you may see what looks like a "nut" that can be turned by a wrench. Many have it but it's just for show and can't be turned.
If it's the type that can be turned, you can rebuild the valve assembly, which will replace the turn shaft which is stripping out. Know what, never mind that... here...
https://www.homedepot.com/p/Homewer...h-Push-Fit-Connections-P140-8-12x14/203518405
You'll need to turn the water off at source and then take out the mounting screws outside holding the spigot to the wall. Inside, as close to the outside wall as possible, cut the existing supply pipe and remove the existing spigot by pulling it through the wall outside. Then insert the replacement (above).
When you go back to the basement, pull it in tight and mark the supply pipe where it will need to be cut. push the new spigot out enough to cut the pipe, clean the burrs off the end and then connect the spigot to the pipe. Then go back outside and re-screw the new spigot to the wall.
this is 14" anti freeze siphon fitting. I think they make up to 18" but didn't see one listed at HD. As cold as you folks get, the longer the better.
It has a shark bite like fitting, so just push to connect, no soldering or anything. Should work with copper or PEX type plumbing. If your house is standard sized, it should be 1/2" pipe.