No, don't try to fix this. It's an exercise in half a$$ery.
Choose one of the following:
1. Cut the pipe up or downstream from a leak, separate/disassemble the joint, reseal with oakum and lead, join the cut section with a no-hub "Fernco".
2. Replace section by section with PVC, join iron to PVC with a no-hub.
Don't try to half a$$ this. My recommendation is #2 above, starting from the outfall (waste pipe exit point of your house).
This is the proper fix: