Outdoor faucet handle spins freely

In a home I recently moved into (house is 15 years old), one of the outdoor spigots doesn't work. You can turn the handle in either direction indefinitely. The inside pipe seems to be connected to a viable cold water service line. The other faucet on the house appears to be the same make and age, and works fine. Both have a freeze release valve, and I live where it gets below freezing in winter. Any ideas? Is this a full replacement situation?

It may have a remote shutoff closer to a warm wall.
Sometimes they are near a water heater in the garage, normally marked as for the front hosebib.

It may or may not be repairable, but IMHO, it probably isn't worth the time and expense to repair it. A new one will not break the bank. Be sure to use two wrenches to remove the old and install the new to avoid twisting the supply line. When discussing these faucets, I always caution folks to be sure to remove the hose in the fall. Otherwise, the faucet will not drain and will freeze and break.

You're right. Replacing will probably be the fastest and ultimately cheapest (given that my trouble shooting takes 4 times longer than it should) solution. thanks