I went out to get wood and the temp was 32 degrees - clear sky. I quickly covered the faucets with the styro foam protectors. I still have some hoses out but I disconnected the hoses from the bibs and after the hoses warm up tomorrow, I will remove all of the water. I lay the hoses flat so water DOESN'T collect in them. Often wrapping the hsoes in a circle keeps water in the hoses and the hoses will split when the temps drop and ice in the hoses freeze.
If you have an exterior watering system...it is time to shut it down and drain the system. If you can't drain the system in the next day or two, place buckets, straw or tarps over the faucets until the system can be properly drained.
If it gets really cold, letting the faucet drip keeps the pipes from freezing but the facuet must continue to drip.