I read in another post that you can caulk with lead wool. Does this mean that after packing oakum in a joint, you then pack lead wool into that same joint (without any application of heat) and you are done?

You not only pack lead wool in after you've packed the oakum down but you must take inside and outside caulking irons and caulk the inside and outside of the joint the same as a poured joint.. Regards, Tom