Hi Georgie,
Welcome to the forums. What you are describing as caulking is the gasket that the window panes are set into the outer frame. You can reseal them with any good polyurethane sealant. You can use Trempro 635, Sonolastic NP 1, 3M 540 or Sikaflex 221. I recommend masking off the outer frame then apply sealant with a caulking gun, tool, then wipe off excess with a cloth moistened with mineral spirits.
This thread has a lot of info on completely rebuilding windows.