I don't know what kind of valve you have but it shound like a three valve Price Pfister. If that is the case it should come out. On the Price Pfister, after you get the handle off and the chrome ring off that fits against the wall you hould see two nuts, the first one is smaller and it is the packing gland nut, this is to keep water from leaking around the stem. The second nut is larger and it is the nut that holds the stem into the body, so if you unscrew the bigger nut the stem should come out.
Sone of these nuts are so far back into the wall that you can not use a wrench on them so you may have to have a long socket wrench to unscrew it, or they make a tool just for this purpose that you can buy at most hardware stores.