Draincocks/petcocks are cheap and easy to install. Your's has broken and is spinning freely, which is a common result of overtightening the petcock. Just go to a local parts store and ask for any early '90's S10 petcock (fits lotsa GMs for MANY years). Should do the trick. Any parts man worth his weight in dog crap should be able to find it. If not, take old one and match it up.
You will lose a good bit of coolant during the swap, so make sure to recover it properly and keep any animals or strange kids away. Somewhat easy to get to from above, but much easier to get to underneath truck or with d-side wheel well out. You might use some thread sealant this time around to discourage future leaks.
HTHs
Michael