Funny you say this as my old 30 gallon sprung a leak the other day. I had a tube of aquarium sealant lying around so I decided to repair it. All I did was to get rid of any loose sealant along the inside of the seam, clean the glass and seal using vinegar (this softens silicone sealant), wait for it to completely dry and run a bead of sealant all along the seam (make sure you wet your fingers when you smooth it into the seam). I let it cure for 24 hours and filled the tank with water.
It didn't cost me a penny since I had the sealant, but you can get a tube of 100% silicone at your local home improvement store. It's a great way to save an aging tank.