Here is a good site with basic washer repair info
http://www.applianceaid.com/washers.html

Note: I am assuming that you can stop the water flow by unplugging or turning off the unit.
If the only way to stop it is to shut off the taps your water valve is shot.

Sounds like a water fill/level switch problem.
It is usually in the control console.
This switch is actually a pressure switch. It has a tube that runs down to the bottom of the tub, as water fills the tub, air is trapped in the tube. As the water rises, the air pressure in the tube increases until it reaches the switch's set point then the switch activates turning off the water and starting the agitate.

Possible problems.
1. Gunk blocking water from entering the tube. Remove the tube at the switch and blow into it to clear the plug.
2. Cracks or holes in the tube allowing the air to escape. Inspect the tube. Also check that it is tight on the switch, if not, cut off half an inch and re-seat it.
3. The switch is toast. Get a piece of tubing with the same internal diameter and attach this to the switch. Start a fill, then blow into the tube. You should be able to stop the water flow without blowing very hard.
If you cannot stop it the switch is toast.

You are welcome

And thanks for getting back to us. Now when others search for a similar problem they will see what actually worked instead of just suggestions about what could be the cause.