Hot melt glue works pretty well for heatsinking drivers that don't get hot enuff to re-melt the glue. You can waterproof your driver as well as provide a path for heat, by gluing the driver to the side of the enclosure it's in, and then just cover all the components on the driver. Some folks will complain that hot melt glue doesn't conduct heat very well, and while it does not conduct heat as well as expensive heat conducting epoxy, it conducts heat a whole lot better than air.
You should get glue sticks used for electronics encapsulating if you can. You'll need a professional glue gun to use these. The sticks are about .58 inches in diameter.
If you have a standard glue gun (3/8 to 1/2 inch diameter sticks) you'll probably be OK with just regular glue sticks. Before I bought a pro style gun, I used a cheap $10 glue gun on several lights I built with DX drivers. All the lights I built over the last 3 years are still working.
Epoxy might work as well, but be careful what type you get. Some expand slightly as they set and that can crack electonic components. The quick-set epoxy tends to get real hot when curing, probably best to stay away from anything that takes less than an hour to set.
Stay away from silicone caulk unless you get the type specifically designed for potting electronics. Household caulk cures by producing acetic acid when it absorbs moisture from the air. The acid will eventually corrode connections on your driver.
Mark