It’s an underground valve for cold climates. The photo below shows a Woodford model Y34. You can find them online and at home improvement stores.
When you lift the handle, the valve opens and water flows out of the standard 3/4″ hose nozzle. When you lower the handle, the valve closes and water drains out of the riser pipe through an underground weep hole. That’s what makes it freeze-proof.
The first three minutes of this video will give you an overview of the product.
Of course, if you leave the valve open in freezing temperatures, with no flow, you’re going to have problems.
The crack mentioned in the previous post occurred at the threaded inlet to the handle assembly. It will have to be replaced.
The manufacturer provides a complete breakdown of the unit and parts can be obtained through various distributors. This job requires the RK-Y34HA head assembly kit.