Pat.
It could be one of two things. Either you have dislodged the sealant around the skin fitting or possibly the fitting has eroded by de-zincing and applying force to the fitting nut has cracked the fitting below the nut. The latter would be a worry, as it may come apart with boat movement or vibration. Assuming that you sea cock is 1/2 a meter below the waterline and is 25mm ID it will let in 1200 ltrs an hour, if it totally fails, if the hole is bigger the flow will be more. A lot more!
I would get lifted or dried out ASAP. Sail as close as you can to your lift or drying out point. Use the engine as little as possible. Keep your eye on the rate of leaking, its not that bad at the moment and you can deal with the ingress.
However, in the mean time, here are a couple of suggestions if it fails ;
Don't panic! I will take quite a while for the problem to become serious...
Have a plan to deal with the situation and let the crew know what the plan is and any alternatives.
Keep your soft wood bungs to hand and a mallet or hammer to knock one in.
If you don't have any bungs on board think about what you push in the hole if you needed to? EG a carrot, potato, end of a broom with a towel over it, Champagne bottle? Something else that can be wedged in firmly to the fitting or hole should there be a problem? You don't need to completely stop the water coming in, just reduce it to a level your pumps can cope with. A frightened man with a cushion or towel will stop a lot of water ingress!
People who have wooden boats re-launched after being out the water a while will tell you a tale or two.
If the fitting does fail in open water you need to think about an alternative water supply to cool the engine to get you in. (the last bit any way) Perhaps from the toilet water inlet, a sink outlet (below the waterline if you have one)?
You can fill a large bucket with sea water or even fresh water and put the inlet pipe for the raw water into? Keep topping it up and keep the engine revs low as you can.
I have even used a deck wash pump to supply cooling water to an engine when our raw water pump broke a shaft many years ago.
Let us know how you get on.
Hope this is of help.
Ant