If it''s that corroded, maybe the gland tube needs replacing, too. From forward to aft, along the shaft (oooh...poet) should be outer hex nut (female) - the one that tightens, inner portion with hex (male, fixed to a hose with clamp), a short length of 1.5+- inch hose with clamp on the forward end (to the aft hex fitting) and clamp on the aft end onto the fiberglass stern tube. Best fix is to haul out, pull the shaft, clean everything up, replace the hose and clamps, clean up the bronze hex fittings, restuff with appropriate sized (important) flax stuffing cord. Some do it annually (repack with flax, not pull everything out). Some never do it at all and get away with it. In the water - stuff and wrap a towel as far back as you can get it and try to dam up the water flow. Make sure your bilge pumps are working. With two wrenches or a set of large visegrips on the aft hex wedged agin'' the hull, open the forward end of the stuffing box. Scrape out old flax (there''s a tool for this- cheap - I''ve done it with a sharpened piece of coat hanger or small screwdriver - check with mirror for clean removal) and replace with at least three offset layers of new flax cut to the circumference of the shaft. A good technique is to cut the flax on an angle (and size to the shaft in advance of taking everything apart) so it neatly overlaps itself when wrapped around the shaft. I put in a layer of flax, tighten the nut some (to seat the packing), back off, add flax, tighten the nut, back off, add flax, etc. I''d check out the hose and hose clamps, though. The hose gets brittle and anything less than Awab clamps rust rather quickly. You should be able to at least replace the clamps in the water- quickly and gingerly. A different method I''ve used is to take the hose off the stern tube, pack the opening with a small towel around the shaft, do the work on the stuffing box by sliding it forward on the shaft and then re-clamp it to the stern tube. Kind of depends on the rate of water intrusion from you cutless bearing. I probably made this sound more complicated than it is, but it is truly a pain in the ass in the water. Druther haul out.