Closed-cell spray insulation, a rigid medium-density material, can be used in exterior applications such as continuous insulation applications, as well as interior applications. This type of foam insulation has a higher R-value per inch making it also suitable for small areas that require the highest possible R-value to meet building code requirements. Closed-cell spray foam’s rigidity help reject bulk water making it a recognized flood-resistant material by FEMA.
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If you cut the nails holding one of the corner studs to the bottom plate and the top plate with a Sawzall, you can use a flat bar (or a flat bar plus a wrecking bar) to pull the stud off the sheathing nails. Either re-use the stud, or buy a new stud, and install the stud with toenails as shown in the link I provided in Comment #51 (this link: Outside corner detail).
Most closed-cell spray foam is now formed using hydrofluorocarbon (HFC) blowing agents that have high global warming potential, partially or completely offsetting the climate benefits of the energy savings they can offer. In the United States, HFCs are scheduled to be phased out by January, 2021. A few spray foam suppliers have started supplying spray foam blown with hydrofluoroolefin (HFO) blowing agents without this problem as of early 2017.