Where to place wrenches to remove hose bib
Based on this annotation, it looks like you are correct.

I interpret:

The green to be the supply line exiting the house
The blue to be a female-female adapter
The red is the hose bib

Note that your &quot;first wrench&quot; will need to be a pipe wrench and will need to face the correct direction. A pipe wrench will tighten as the pipe attempts to twist within it, grabbing harder on the pipe as it does so. This needs to be on the green section of pipe.
Your &quot;second wrench&quot; can be a large combination wrench, adjustable wrench or another pipe wrench and needs to go on the blue section.
It looks like that's got some really old pipe dope on those threads (the bands of white between the colors I drew in), so it may take some muscle to get it loosened.
Don't forget to unscrew the garden hose first, that'll make the job easier.
Also, make sure you turn the water off inside before you start, too. That will keep the job drier. (Not dry, mind you, just drier.)

Note that it may be easier to return the hose bib with a female thread and get one with a male thread. That would require a wrench on the blue section and one on the red section to undo just the bib. For this, you could use combination or adjustable wrenches. Personally, I would go this route, as I always struggle to get a pipe wrench to bite properly. I'm sure it's just technique, but sometimes you go with what's best for you.