Is my Ball Joint Broken?

[62much]

1962 1/2 ton - My lower ball joint shaft rotates 360 degrees... when I try and tighten the nut, the whole shaft turns. I've had people say just put pressure on it until it seats on the spindle, etc. but then again half the people say ITS BROKE, and it's not supposed to rotate 360 degrees, and that I need to replace it $$$$$$. Does anybody know if these older Ball Joints are supposed to rotate like this? or am I going to have to replace them. Any Suspension/Brake people out there that can give me any suggestions.