Remove the top window pane from the window frame by removing the left side of the window frame with a flat prybar. Remove the bottom window pane from the window frame. Set the panes on the ground or a workbench.
Cut the putty around the window pane that secures the glass in its place, using a utility knife. Use the edge of the utility knife to cut the putty, both on the glass and on the wooden window pane, with cuts parallel to the glass.
Pull the putty out of the window pane. Move slowly to not jerk the glass and break it. In the putty, where the glass edge meets the wood, small, metal V-shaped points hold the glass in place. Pulling the putty too fast can scratch the glass on these points, cracking and scratching the glass. Set the glass to the side.
Scrape the putty out of the groove in the pane, using a scraper. Remove as much as possible.
Pull the points out of the groove using needle-nosed pliers. Throw away any points that are bent or rusted.
Pour a capful of mineral spirits on a rag. Clean the putty out of the groove and off the glass. Use a scraper or utility knife to remove the loosened putty the rag does not get.
Replace the points with new points and the removed points that were in good condition. Push the points into the groove with the needle-nosed pliers with the V-shape centered in the groove.
Pour boiled linseed oil on a rag. Rub the linseed oil on the wood, in the groove, along the frame and along the panes.
Roll a palm-sized ball of glazing compound into a long strip about 1/8 inch thick.
Insert the glazing compound into the groove, being mindful not to bend or knock over the points. Use a glazing knife to get the compound in the groove thoroughly.
Install the glass into the groove, securing it into the compound and points. Allow the compound to set for an hour before rehanging the window panes.
Replace the glazing putty on both window panes.