JSPlumber.com LLC

Most hose bibs are the frost proof type.  There is nothing you have to do to winterize them. EXCEPT make sure you unscrew your hose, splitters, timers or whatever from the hose bib.  When nothing is connected to the hose bib and you turn the valve off it automatically winterizes itself.  If you leave something connected to it the water can't drain out therefore staying inside the hose bib, freezing, expanding and splitting your water pipe inside your house.

If your hose bib has a cap on top of it, it's not for anti freezing.  It's an anti-siphon device.  By code, once water leaves your hose bib it is no longer considered potable (drinkable) so if your hose is running up a hill and for some weird reason you lose water pressure in the house, the water in the hose won't come back into the house.  It will spill out through the anti-siphon cap.

There is good news for us forgetful ones.  Woodford makes a hose bib where the handle is on one side of the assembly and the hose hooks up to the other side.  Should you accidentally leave the hose on, the water will drain out of the handle side.  Of course you can expect to pay twice as much for this hose bib but it's a lot cheaper than having to recarpet and drywall your basement.

Not all hose bibs are frost proof.  The way to tell is if the handle is on the end of the faucet it's probably frost proof.  Also if you turn off the faucet and water still comes out briefly it's probably frost proof.  If the handle is on the top part of the faucet it's probably not a frost proof faucet.

The non-frost proof hose bibs should have a shut off valve inside the house close to the faucet itself.  Turn that valve off and open the valve out side the house to let any water drain out.

Yard faucets are a little different. These come up out of the ground.  They are connected to an under ground pipe. Still used as the same purpose as above.