Okay, folks, here are the ingredients of Phenoseal which was made by
the Gloucester Company of Franklin, MA.  They were bought out by DAP
a few years ago.

Actually, DAP purchased the rights to the Phenoseal caulks that they
made, not the whole product line.  I wasn't able to find out who bought
the rest of the products like liquid Phenoseal.  I was able to find out
what's in the liquid Phenoseal.  Here ya go.  So, will one of those who
are chemically inclined please translate this into English?  I think it
is some sort of water based vinyl acrylic sealant.  Perhaps one could
buy the caulk and mix in some water to make a liquid product.

http://householdproducts.nlm.nih.gov/cgi-bin/household/brands?tbl=brands&id=7013002
  Brand Name: Phenoseal Liquid Caulk -- 04/08/1996
  Manufacturer: Gloucester Co., Inc., 235 Cottage Street, Franklin, MA 02038
  Ingredients from MSDS/Label :

  Chemical                  CAS No / Unique ID   Percent

  1-Propanol-2-butoxy            000000-45-7     1-4
  Propylene glycol               000057-55-6     1-4
  Vinyl acetate monomer          000108-05-4     < 0.1
  Propylene glycol butyl ether   005131-66-8     1-4
  Dipropylene glycol dibenzoate  027138-31-4     1-4

Maybe someone can compare it to similar products and find a substitute.

Regards
Craig Smith