Turn off the water under the sink or at the source, then open the faucet to drain any remaining water. Unscrew the faucet handle, then unscrew the nut holding the faucet stem in place with an adjustable wrench, and pull out the stem. Remove the screw at the bottom that holds the washer, remove the washer, and replace it with a same-size new one. Repeat the steps in reverse order to reassemble. When buying a replacement washer, buy two or three extra and tie them with a twist tie to the shutoff valve beneath the faucet, so you'll have the right size on hand next time.
Fix a Dripping Faucet and a Running Toilet Yourself
Plumbing is one of those projects that can get really expensive. For a major problem it's best to call a professional, but there are plenty of small projects you can take care of yourself without the expense of a plumber.
Solve a Dripping Faucet
Fix a Toilet That Won't Stop Running
Remove the tank lid and lift the float. If that stops the water, bend the rod connected to the float down slightly. Also check for a leak in the float itself: unscrew it from the rod and shake it, and replace it if there's water inside.
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