Wood window repair /caulk

I have some 1950's Anderson windows(at least it says Anderson on the metal frames for the screens) that we are getting redy to re-paint. I will scrape/sand most of the old paint, but I am not sure what to do about the cracked caulk or glazing between the sash and the glass. Should I dig all the junk out ant try to run a bead of caulk in there?