If it is just a cavity where the wood has rotted, the best remedy is to clean it out as good as you can and drill a hole in it from below to allow the water to drain and not stand. If you see new frass (the brown dirt) and holes in the wood, you probably have a borer infestation. For more information on borers see the Colorado State University web site.
http://www.ext.colostate.edu/pubs/insect/05530.html
