This is from a 2002 reply posted on Terry's site. Maybe it will help.
First find a good faucet shop and tell them what you have for a faucet. Make sure they have a washer and packing in stock before you waste a trip. Buy both, buy two of each or more if you have additional outside faucets.
Second: With Parts in hand turn off your main water supply shut off. Open the valve you are working on by turning the handle counter clockwise to release any water pressure. Now remove the screw from the handle. Next, useing a Cresecent wrench remove the outer nut. Now use a small pocket knife and cut around the packing material and remove remove it. It helps if you have a needle nose pliers to get it all out (make sure you get out all of the packing or the brass washer won't want to come out as the packing gets between the valve body and the washer). Now you should be able to use a pliers and pull on the valve stem (be careful not to gouge the stem) if the valve stem does not pull out easily you have not removed all of the packing material. Once you have the valve stem out you can now replace the washer. You will probably have some hardwater build up around the washer and screw, use a small screw driver to clean it off being careful not to damage any parts. Now remove the screw in the center of the washer. You can now remove the old washer (you may have to turn the washer sideways and use a needle nose pliers to pull it out). Install the new washer and replace the orginal screw that holds it in. Install the valve stem back in to the valve body. Install your new packing and screw the nut back on (be careful not to over tighten). Now reinstall the handle and screw. Turn the main water supply valve back on and check your work for any leaks.
Good Luck, and hey you just saved yourself $50 or more. Parts for this project only cost me $2.50.