Fix for Pitted Wood Porch?

[Mark Beekman]

I have an ugly porch that I'm trying to make look good. There are some heavily pitted areas where the previous owner had stapled screening to it. I painted the thing with a few coats of white paint and it looks SO much better, but I'm wondering how I can make the damaged wood look not so anemic. Is there any kind of extra thick paint that I can use? An exterior equivalent of drywall joint compound? Any cheap, quick fixes?