I'm fixing some broken window panes in my basement windows. The windows are
rectangular wood frames with three 8x10 glass panes:

http://zootal.no-ip.info/stuff/2009/...s/DSCF0016.JPG

They fit into wood frames built into my basement walls. This is the frame
with the window removed - I put a piece of plexiglass over it to block the
hole:

http://zootal.no-ip.info/stuff/2009/...s/DSCF0020.JPG

This is what an installed window looks like. The outer frame is 2x4 framing
fastened to the basement walls. The wood/glass window fits into this, and
you can see the 1/2 inch trim that holds the window in place.

http://zootal.no-ip.info/stuff/2009/...s/DSCF0021.JPG

So, I'm replacing broken and missing panes, and repairing and painting the
frames. My questions have to do with sealing the whole mess. Currently, the
windows are fitted to the frame without any sealant, and when it rains water
leaks past them. My idea is to fit the window into the frame and secure it,
and then go outside and run a bead of sealant around the frame where the
window meets the frame. My other option was to use rubber weather stripping
around the window when I put it into the frame.

Does this make sense, and does anyone have any practical experience mounting
and sealing windows like these?