Need some plumbing repair advice (outdoor spigot)

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Moderator Post (s) for this thread: > Replace Faucet by thiggy on 01/14/2008 > Also, by thiggy on 01/14/2008

So, I forgot to disconnect my garden hose from the spigot outside.
It must have froze and cracked the pipe. I went outside on
Saturday, and I turned the faucet on and noticed water coming out
from behind the siding. I immediately cut it off and disconnected
the hose. I checked inside the house, around the baseboards and it
was a little damp, so I put down a towel to help soak it up. I
checked it later that night and it wasn't damp anymore. I also
checked outside and didn't see any more water leaking. So, I called
my builder and he told me it would only leak if I turned it on. So
I think I'm OK as long as I leave it off.

My question is, does anybody know how to fix this problem? Has
anybody had this happen to them before? The plumber will cost me
$130 bucks. But if this is a simple fix, I would rather do it on my
own.

Any advice would be appreciated.

Thanks!