I got a strange one. My pilot light won't stay lit on my water heater. I can get it lit from the button override and then it goes out. Sounds like the thermocouple right? Well, I feel the termostat/control valve and it's a little warm. Once it seems to cool off, I can get the pilot lit and it stays lit. Bad thing, it goes out again a couple of hours later.

I haven't taken the housing off to look at the thermocouple yet, but it's odd that after it seems the unit cools down, I can get the pilot lit and it stays lit. A broken thermocouple won't work intermittently will it?

If the pilot looks OK when it's lit, try cleaning the thermocouple with a little bit of 400 grit sandpaper. This will improve the thermal conductivity and remove the oxidation. Anyhing can be intermittant.

Yes, they can be intermittent. I had one not long ago.

Mine however, would work if I warmed it up just a little with a hair dryer?

Once I replaced it, it worked just as it is supposed to.