ok, guys how can this not be a simple answer the shutoff is 5 inch's inside my house so they shouldn't be any warm ( its a cold water line ) making it outside unless you mean the cold air going up the pipe which again it's so far inside I am not sure if it could.
So what I did was open the outside faucet letting the water run then turned off the inside valve to shut off the water and to make sure there was no water left in that line, then I closed the outside valve.
cold air will follow the pipe. I've seen it go 3 feet in before no problem. If there is even the slightest bit of airflow then you are completely screwed. Put it this way... it happens often enough that we stock hose bibs. Air flow causes evaporation, which causes ice to form, which causes things to crack and break. Or hoar frost forms where the warm meets the cold and creates ice in the pipe. Anyway...
The valve you are talking about probably has a little bleeder cap on it too, to drain down the hose bib all the way to the valve. The bleeder (drain) cap should be on the side the hose bib is on. Don't fn-drop the cap!!! lol. To drain it close the valve, open the hosebib tap, drain into bucket from the bleeder cap, replace cap, close hosebib.