Greg,
From the sounds of things, you have a mast boot. It is common for them to be split so you don't have to pull the mast and shimmy the boot up from the bottom as you suggested. A mast boot looks like the first picture.
Spartite is likely to be approximately flush with the deck collar. It is a very think liquid that is poured between the mast and the deck collar that solidifies and serves to prevent mast movement at the deck. It is semi permanent and is more commonly used by those who rarely step their masts although, as claygr said, many have great success by coating the deck collar with vaseline to allow the mast to slip out to be stepped. The second picture shows Spartite.
From the sounds of things, you have a mast boot. It is common for them to be split so you don't have to pull the mast and shimmy the boot up from the bottom as you suggested. A mast boot looks like the first picture.
Spartite is likely to be approximately flush with the deck collar. It is a very think liquid that is poured between the mast and the deck collar that solidifies and serves to prevent mast movement at the deck. It is semi permanent and is more commonly used by those who rarely step their masts although, as claygr said, many have great success by coating the deck collar with vaseline to allow the mast to slip out to be stepped. The second picture shows Spartite.