Pipe Line

I have a hole in water line pipe right below the shut off valve. What is the easiest way to fix this?

The pipe that has a hole is leading out of the house (or into the house)right under the valve and a brick wall. I had to have the main water shut off because I had no way of stopping the water from leaking in the basement. I am in the process of renovating this house and have no money in my budget for a plumber. I need help.
It is a large hole. Large enought to stick your finger in it.

Not one person who answered you, asked what type pipe you have! Everyone is ready with the answers, before knowing all the facts! If you have a hole as big as you say, I would tend to believe you have galvanized pipes. A quick fix is a repair clamp, that wraps around the pipe, with a stainless steel band, and a rubber gasket. The clamp opens up, and surrounds the pipe, with the gasket held against the hole, then the clamp is squeezed together with 2 bolts, that hold the clamp in place. This type clamp will work on any type pipe, just get the correct size. I would also suggest, that you figure out some way to reevaluate your renovation plan, and have a new PVC water main installed. The leak is a sign of things to come, so expect more leaks in the future. Once you repair the existing leak, turn on the main water supply, and shut off the valve next to the house. Go to the water meter, and observe the dial indicator needle, and see if it moves. If it does, you have another leak somewhere else in the yard. Good luck!

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