If it's for..
If it's for the thru-hull to the valve joint wrap it with teflon tape then use a good pipe dope on top of the teflon tape. No leaks! This is an old plumbers trick for working around boilers where lots of expansion and contraction occur in the black iron pipes.Threaded joints (ones that get screwed together, not soldered) need some help to make sure they don't leak. Pipe dope, also known as joint compound (although not the same joint compound you apply to drywall!), will do the trick if you apply it to the threads before you screw the pieces together. Teflon tape does the same job with a bit less mess — wrap it tightly around the threads before you join the pieces. The best bet though for joints under the water is to use both tape and pipe dope. Over kill yes inappropriate no. This is a very cheap and nice way to do it ensuring absolutely NO leaks. One Roll of teflon tape $0.46 cents one can of Pro-Dope that will last you a life time $3.15. Enough said..Do NOT use plumbers putty! Plumbers putty is for seating sink drains and not for threaded NPS fittings. I really like Hercules Pro-Dope here: http://www.pexsupply.com/product_dtl.asp?pID=4103&brand=Hercules&cID=434