Nice idea!
Our house's windows are also very drafty and it really makes the house chilly in the cold winter months. This past year I came across a bag of raw cotton that I had for a craft project. Using a toothpick I stuffed each and every draft. I was diligent. It didn't take much. It worked. It worked 100%. Absolutely perfect. Like new. We actually turned down the heat. The house is super toasty.
Who needs new windows when you have cotton or cardboard?
Not us, that's who!