Or you could just honest to goodness fix the damn thing right.
Turn off the water. Remove the screw in the middle of the knob. Take of the knob. Remove the packing nut. Remove the packing. Place know handle back on the shaft with out the screw and turn it counter clockwise to remove the entire rod valve assembly. Take it with you to Lowes or HD or hardware store and get the replacement parts including the Bib Washer, washer and O ring and the new packing washer. Reverse this procedure.