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Long story short: I need to replace the sealant that blocks moisture from entering the electric meter housing outside. Any suggestions for a good sealant?
If you are referring to where the service cables come in through conduit, you must use a product called "duct seal." It's available at most big-box home improvement stores and electrical supply stores. Your local hardware store may even have it. Anything else your local inspectors will look cross-eyed at.
For other other openings (like for the mounting screws) you can probably just use silicone sealant.
If it's the electric meter housing, contact your utility. In most cases it's their responsibility, and you could be fined if they discover that the tamper seal on the meter is broken.
Besides moisture, sealing electrical boxes is a good idea for keeping insects out.
P.S. -- The "duct seal" is specifically for sealing electrical conduits. Don't get it confused with the mastic sealant used on heating ducts; that's not the same stuff.