"Rock Hard Water Putty" - I forget the manufacturer. It comes in a powder form. Mix it with water. Apply it and a day later it's hard as a rock; drillable, nailable, etc. Works for me. I don't know if it's an industry standard, though. Depends what you want to do. If it's fixing a structural connection, you may need to do a bit more. I don't have any data on bearing properties of the wood putty, but now that I've suggested it, I will investigate it myself!