More of the consistency of peanut butter hardening as it gets cold.
In any case, make sure you apply enough to build up the surface, so you can then sand it down even, progressing to funer grits as mentioned above.
Tips: Water spray bottle works nice for wet sanding. Go slow and let the paper do the work. Maybe even lask off the surrounding area to limit its exposure to the sanding.
Sound difficult, but really fairly easy (especially for the patient types - which I'm not!)
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2002 Rinker 212 Captiva
Merc 5.7 EFI Alpha
Trail-Rite Trailer
1999 GMC 'Burb