WhiteTiger probably hit the nail on the head with 100% certainty, if the handle just spins and spins without doing anything it's a gate valve...
Another possibility more remote is a globe valve where the washer came off and is crammed in the seat without enough pressure to force it out...
Either way you need the water shut off at the curb which most often requires a special "Key." In many areas the water purveyor should do this as they often go along the line of "You broke it you bought it." and if you touch it they will charge you to replace it but if they break it they fix it without additional charge...