As a first time homeowner(having bought our house in the summer) I was unaware the you're supposed to unscrew the garden hose from the outside faucet. My question is, what now? My basement is finished with wood panel ceilings and sheet rock/drywall walls and carpet. I haven't turned on the water because I have heard that the pipes may break and that my basement may get flooded. Can I just wait until it nice out and hope that the pipes un-freeze?

Is it the pipes that are froze or simply the garden hose? Unhook the hose and turn the hose bib on. If you have running water then you're OK. If not apply heat to the line feeding the hose bib and thaw it out. Good luck and thank you for rating my answer. NTom