Dripping Pipe Joint - Any fix without taking apart?

The other day I noticed a puddle under the tank where the well water comes into the basement. I found the leak to be coming from where 2 threaded pipes join. Here is a close up image. The arrow points to where the water :is coming out of:
http://www.amsnet.com/wizards/pipes/pipe1_1.jpg
Here is another picture from further out:
http://www.amsnet.com/wizards/pipes/pipe2_1.jpg
The water is dripping enough to fill this bucket in about 5 days:
http://www.amsnet.com/wizards/pipes/pipe3_1.jpg
The house is only 5 years old. It looks like there was some sealer on the threads that just crumbled.
Questions: - Is there any way to fix this without taking the thing apart? - If not, I am looking for some tip on how to take this apart without flooding the basement. I don't see how I can stop the water from rushin out on both side of the leak if I take it apart. Any tips on how to take this apart an what kinda sealer I should use is much appreciated.
Yes, I am a plumbing newbie but I'd like to take a shot at fixing this before having to scrape up the cash to have the pro to come in.
Many Thanx
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Lex wrote:

Take it apart. I would cut the 3/4" copper pipe on the left, going up. When you put it back together, sweat a 3/4" union at the break, rather than a coupling. Replace that ball valve while you're at it.
Shut off well pump. Drain the tank from the drain valve (garden hose to...somewhere).
If there is no other shutoff valve on the 3/4" copper going up, open faucets upstairs and allow all the water in piping to drain thru the drain valve. When all is drained, you can cut the pipe.
Invest in a handyman plumbing guide, or see what's at the library.
Jim
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What he said. Also, replace those cruddy valves while you're in there.
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"C.J." wrote:

<snipped>
What kind of moron leaves 55 lines of quoted text to give a *1* line reply that says "What he said"..
Oh I see, it's you again.
Does your daddy know you're wearing his panties again?
--
Klaus

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Thanx Jim (and all who replied)
I cut the pipe and sweated on a union just as you recommened. Also replaced the ball valve.
It was great to be able to do this myself. I did a little reading practiced sweating copper. The project went flawlessly and I'm sure I saved my self some dough. Not to mention the knowlege I gained.
Thanx for taking the time to repond to the newbie question.
Regards

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Hey, what is that thing to the right of the valve on picture pipe2_1.jpg (the thing that sticks out just like the valve)?
On Sat, 15 Nov 2003 11:35:49 -0500, "Lex"

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On Sat, 15 Nov 2003 11:35:49 -0500, "Lex"

Are you suggesting that all the water in your well will continue to pour into your basement and flood the place? As long as you shut off the electric power to the pump, the only water that will come out is whats stored in that blue tank, and what is in the pipes in the house. Probably 50 gallons at most. Just drain the system into the floor drain first, using a garden hose. (after you shut off the pump).
If you dont shut off the pump, you could turn your basement into a lake and use it for swimming or fishing...... (you'd have to supply the fish though, they dont come out of the well) :)
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Thanks ever so much for making the two pictures avail. It is very clear that the installer threaded it in, and then sweat the copper fittings.
Looks like he neglected the teflon tape on that one.
Your only option that I can see is to cut the copper on that vertical run over by the wall, and the rebuild it. This time, you use both teflon tape and rectorseal ont he threads.
Needs someone who knows a bit of plumbing.
Since you're looking for quickie hack fixes, wrap the heck out of it with duct tape,a nd then put on three or four hose clamps over the duct tape.
--
Christopher A. Young
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