You've made it to step 2! Now you get to play "Where's the leak?"! Turn off the water and inspect the faucet for signs of the problem. Check the O-rings, gaskets, and other seals for any signs of wear or damage.
Is it a worn-out O-ring? A loose gasket? A mysterious, otherworldly presence that defies explanation?
Use the following resources to aid in your investigation:
Remember, the solution to this problem is just a few taps away!
Or not.