Pry off the trim strips that are holding the window sashes into the window frame. Cut the paint between the trim strip and the window frame by using a sharp utility knife. Use a small crowbar or sturdy putty knife to pry the trim away from the frame.
Remove the sashes from the window frame by pulling them out with your hands, but do not to twist or torque them.
Clean away any cracked, broken loose or deformed putty around the edges of the glass. If a substantial portion of the putty is faulty, get a fresh start by removing all of the putty and completely replacing it with new putty.
Remove the glazier's points that you find under the putty by prying them out with a putty knife or a screwdriver.
Remove and discard any cracked or broken glass and replace these panes with new ones.
Scrape away any rotted wood that exists in the wood parts of the sash and fill the resulting holes with two part epoxy.
Clean out the notches where the glass was sitting and remove any grit, dirt or leftover bits of putty.
Spread a bead of new putty around the edge that holds the glass. Seat the glass back into the opening and gently press it into the putty. Secure the pane of glass by pressing glazier's points into the wood frame around the edge of the glass. Lay another bead of putty over the edge of the glass and smooth it into the notch using a putty knife.
Prime and paint the sash and carefully seal the window putty by painting over the putty and just slightly onto the glass.
Put the sash back into the frames and replace the trim.