Remove the old glazing points, glazing putty and window pane. Lightly sand the ledge on the inside of the frame where the pane of glass sits. Wipe the surface of the ledge with a deglosser, such as Wilbond. This will clean it and help the putty better adhere to the window frame.
Take a walnut-sized ball of putty and hold it in your hands to soften it up. Roll it into a thin snake and apply it to the ledge on the window frame.
Set the pane of glass in place on top of the putty and press down until some of the putty oozes out. This is called "bedding the glass."
Insert glazing points along the edge of the glass. Position the flat side down with the point facing the wood. Insert the glazing point into the wood of the window frame by pushing and wiggling it from the end toward the glass with the end of a putty knife. Make sure the top edge is positioned so it will be covered by the final bead of putty, which you will install later. Insert glazing points approximately every 6 to 8 inches along the edges.
Prepare another golf ball-sized piece of putty and soften it as before. Roll it into a snake and lay the snake on top of the edge of the glass, covering the glazing points and touching the wood of the window frame. Don't worry about being messy; you'll smooth it out in the next step.
Hold the putty knife at a deep angle to the edge of the window glass. Glide the putty knife over the line of putty, pressing it firmly into the window frame. Cut off excess putty at the same time as you work it into a smooth, angled surface.
Paint over the putty after it cures and hardens, following the label directions.