Just unscrew the faucet, put an elbow on the threaded portion sticking out from the wall, go up as much as you like with a pipe nipple, put on another elbow, another nipple, and reinstall the faucet.
Job done, and you will have been able to screw on two nipples. What more could you ask for?
Edit to add, if it is a freezeless faucet, you will have to come up with a different plan.
Edit to add, pipe "nipple" is a highly technical plumber term for a chunk of pipe threaded on both ends.