I would like to replace my outside faucet and the plumbing line leading into the basement because both are broken and the line is corroded in the basement. If I cut the line off where it goes out of the basement, can I just pull it out from the faucet and rethread a new copper pipe through the same hole? Or is there a better way to replace the line? Thanks for any tips.

Depending on your climate this might be a perfect time to install a frost proof spigot. Where do you live? Ye, you can cut and pull the old line out buyt wait until we have everything worked out. What kind of pipe is it and what size?

I live in New York City. The pipe is copper inside my basement but it looks like cast iron or something similar where it goes through the wall and outside. Can I replace it with a copper line or is there an advantage to using steel? The spigot on there is so old and corroded that I know it is not frost free. Can I get one at any home improvement store?

You would do well to install a frost free spigot in your climate. Go to a home center or large hardware store and ask for one, you'll see how it is built. Cut the old pipe off inside after closing the main and draining the line. You can make up a transition from the spigot to your copper with a female copper union.