I finally did it myself and now it no longer leaks! Here is the video of what I did!
https://youtu.be/BT-pUaXXOb0
Was an afternoon job and pretty easy...In the end I did also end up caulking the entire window shut for good! I know its an "emergency Exit" but a simple glass breaking hammer hanging inside the window makes it easier to escape by breaking the glass out anyways!