Kind of depends on exactly what kind of valve it is, but usually there is a washer in there that can be replaced. It's possible that the outside packing nut just needs tightened. Step 1 is turn off water to the faucet.
Hopefully there is a dedicated shut off valve for that faucet, but you might have to shut off all water to the dwelling. Step 2 remove the packing nut, and pull out the valve stem. At the end of that you'll see the washer that does the sealing.
Step 3 remove screw holding old washer in place then pry out old washer. Step 4 replace washer, then replace screw, then replace valve stem, then tighten packing nut. Following links may be of some help.
hammerzone.com/archives/plumbing/faucet/... bobvila.com/HowTo_Library/How_To_Repair_....
It's possible that the outside packing nut just needs tightened. Step 1 is turn off water to the faucet. Hopefully there is a dedicated shut off valve for that faucet, but you might have to shut off all water to the dwelling.
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