Re: Caulking old walls prior to hanging drywall
It is quite common in older houses for the sheeting to be 1 X material with spacing between. You are wasting your time and money caulking the cracks. The best way would be to use house wrap installed against the sheeting and around the studs with the right side out. Do not use plastic, you don't want to trap moisture in the insulation. This will stop air infiltration but let moisture pass out through the wrap. It will be faster and less expensive than caulking all those cracks and actually work better.
Be sure you live your life, because you are a long time dead.-Scottish Proverb