leaking water regulator?

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dang

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Forgive my ignorance on this subject but I have a leak coming out of what I think is a water regulator on the outside of the house. At first I thought it was leaking from a crack or hole in a rusted area. But after cleaning that hole is a perfectly round hole and looks like it belongs there for some reason. I have uploaded a picture of the fixtures here http://i.imgur.com/tGdqd.jpg.

There is a tag, shown in the photo, that says Wilkens Regulator Company and the house was built in the mid-1960's if thats any help.

My question is why is water spraying out of this hole now, is there anything I can do to fix it or do I need to call a plumber? A couple months ago we got a $2500 plumbing bill for a cracked main pipe so if we can avoid another plumbing bill somehow that would be great.

Any help or advice is greatly appreciated.

Thank you.
 
Thank you John for your reply. I hope it's not going to cost too much. : )
 
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