We've had some unusually heavy rains recently and I had some water seep in between the bottom 2x4 of a stud wall (sill plate?) and the concrete slab. I'll do everything I can to divert the water but am wandering if there is something I can do while I have the drywall off (replacing some wet insulation) to prevent seepage in the future?

There is plywood on the outside of the studs and vinyl siding over it. I was thinking of caulking all visible seams but thought a really good coat of waterproofing paint might be better for getting into all the seams.