I started removing the wet sheetrock around my skylight to try and
find out exactly where the leak is coming from. I found the leak
coming from the bottom 2 corners of the skylight. It might be hard to
see in the pics, but there is an opening in the corner with what
appears to be some yellow caulking inside.

https://picasaweb.google.com/lh/phot...eat=directlink

I confirmed this by spraying a garden hose on the roof on the bottom
corners of the glass, and my son inside confirmed the leak was coming
from those 2 gaps in the corners.

So my question is, what are these 2 openings for? I would like to fix
the leak before I go ahead and finish the sheetrock. I thought about
maybe caulking those 2 openings on the inside, but it is obvious the
leak is coming from the outside on the glass. Can the seals be
replaced? It is at least 20 years old.