Packing
http://www.gore.com/en_xx/products/sealants/packing/gfo_packing_fiber.html I recommend you use thisproduct -- GFO. The WEB site will tell you about the product. Click on where to buy, or check at your local marine store. This is a 10 to 15 minute job (as long as you can get the old packing out). This is a superior product and can run virtually dripless without burning up or turning hard. I wrap it around the shaft and then cut it with a razor. This giving you 3 or 4 rings that match you shaft diameter exactly. Make sure you get the correct size for your boat. Some people recommend leaving a gap in each ring giving space for expantion.When trying to get the old packing out, use a screw or a pointed pick of some kind. Get is all out, perhaps as many as 3 or 4 rings. To learn more, you can search the archives.Hand tighten -- do not over tighten. If it drips, tighten some more -- until you have 1 or 2 drips per min.