I posted below about 2 leaking windows. The water is running behind the caulk -- I'm guessing it comes in through a tiny hole that was drilled for an alarm system wire. I'm not certain about this, but it's my best guess.
In the meantime, I'm still trying to figure out what repairs need to be done. I'm mostly concerned that the wall near the window appears to be saturated with water. The is a tiny brown stain on the carpet near the baseboard (right where the drip from the bottom of the caulking is) that I guess was caused by wet wood in the baseboard. The wall itself feels cold although not exactly damp. There is a large horizontal paint bubble underneath the window with the bigger leak.
1) Someone mentioned mold might be growing behind the bubble. Should I pop it or remove the paint?
2) I know the wall needs to dry out. Would it help to use a blow dryer on the interior side of the wall?
The weather prediction is 3 days of rain starting Monday (a few days from now). My plan is to remove, clean and replace the caulking Saturday, but I'm worried that the window hasn't really dried out yet. Should I cover the exterior of the window somehow during the next rain?
I know this is elementary stuff, but I really need some info. I don't even know what sort of caulk to buy, or if I should get Geocell silicone instead. Any suggestions for resources about basic exterior window maintenance would be appreciated, too.