Iron Pipe Angle Stop
This is possibly the easiest replacement you will ever make in your plumbing life. iron pipe or IP indicates that this is a threaded valve, and all you should need for this replacement is a cresent wrench and possibly a pipe wrench to back up the stub-out coming out of the wall. I know this may sound obvious, but the first rule in plumbing when repairing or replacing anything is to shut off the water and drain down your system first. Drain down is important if you have a multi story home and your replacement is on the first floor. All that water has to go somewhere when you back off your valve and we do not want it all coming out of our stub-out.
After drain down, have your valve in the off position, if it will shut off and disconnect the riser attached to it. By the way, it is considered good plumbing practice to replace the riser along with the valve. Never re-use old parts. Open your valve to drain off any residual water. Now simply take your cresent wrench and turn the valve counterclockwise off the stub-out. Should the stub-out turn along with the valve, back it up with a pipe wrench to prevent it from backing out with it. If you are going to replace the stub out also, let it come out with the valve then. Slid your new escutcheon onto the stub-out, put some teflon tape on the threads in a clockwise direction and thread on your new IP angle stop. Tighten sufficently and connect your riser. Before turning the water back on have your valve in the off position, then turn the water back on. At this time turn your new valve on and check for leaks. If there are none. Thats a fix.
FYI for the do-it-yourselfer. There is no need to put teflon tape on the riser connections at the valve and at the toilet entry point. The only t-tape should be on the threads of the water line not the riser. Those connections have a washer and teflon tape is not required. I have seen where teflon actually makes a seal worst and not better.
