Repair Water Entry in Foundation Wall

When it rains very heavily in a very short time(2" within 60 minutes), water leaks in through the hole in the foundation where our sewer pipes exits the house. It is about 6' above the basement floor. It leaked through a small opening(1/16") under the pipe between the pipe and wall. It has only happened once, but we are wanting to finish our basement and want to make as best a fix as possible.
I make sure my gutters are clean and that the drainage pipe from around the house stays clear for water to drain away from the house.
I was looking to see if there is a best method of "sealing" this small entry way. I am not sure what will work best that will bond with the sewer pipe(PVC?- plastic) and the foundation wall. Someone suggested plastic roof cement. I would dig down from the outside foundation wall, clean around the pipe and let it dry. Then apply th cement and let it "dry".
Any other ideas or issues with the above approach?
Thanks for your replies.
E Ramirez
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Have it epoxy sealed by professionals like the crack team and it will be guaranteed never to leak. http://www.thecrackteam.com /
Had it done to a house in Florissant MO and it worked like a charm -- expensive though.

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