Scrape the old glazing loose with the point of your putty knife. Remove all of the glazing from around the inside and outside of the window. Vacuum up debris with the shop vac.
Roll a quarter-sized piece of new glazing putty between your fingers to soften it. Roll the glazing into a worm-like shape and press it into the crevice around the outside of the window. Repeat the process as many times as necessary to fill the entire crack. Scrape away excess putty with the putty knife.
Go into the house immediately. Fill the crevice around the inside of the window with glazing putty. Scrape off the excess inside, go back outside and scrape away any putty that was pushed out of the crevice while you were working inside.
Wait four hours for the glazing putty to dry completely. The putty will shrink as it dries, leaving a slight crevice around the perimeter of the window. Fill this crevice with a second coat of glazing putty outside and inside the window. Scrape off excess putty with the putty knife.
Wait four fours for the putty to dry completely. Apply latex enamel paint over the glaze with the tip of the foam paintbrush. Allow 24 hours for the paint to dry completely.