looks like its time to replace. First time any suggestions? Do I just go to the boat store and buy the wax? Tighten etc?

Q: How did you know it was time to replace?

Give it a crank until it slows to a drip...drip...drip. If it takes too much force to slow to a drip replace. I might be able to help you later this week if you have time to do a midweek run.

Check the packing nut and see if it is loose or tight. If loose then tighten with wrenches etc. If it is tight and still leaks then look at changing the packing.

My boat is 10 years old, and it still has the original packing. <BR>I have tightened it up once or twice though.