Issue resolved! I slept the frustration off last night, and went back out today and had it out in just a minute or two. I spun it to the most loose position, and tugged on it with pliers while prying with a small flat screwdriver. It wasn't even broken, it had just spun in the seat it sets in. I cleaned it and put it back in the correct position, and added a little distilled water to test. It worked fine and didn't leak, now that I know how it works. I didn't even need to buy a new one. These don't work like the petcocks in our old cars, where you twist them until they are wide open. It's only a 1/4 turn CC deal. Drains slow, but that's just how it does.