Suggestions for switching to an LED light

Hello

My 2004 pool, built by the previous owner, has a big intermatic box model T10004RT3

that houses the pump switch and the light’s transformer to 12v. I installed 2 X-10 switches in that box to control flood lights and the pool pump.

Facts about the light: a 12v 300w bulb in a Pentair Amerilite housing (I believe).

At present, the light doesn’t work, and I hear a short thud in the box when I flick the switch; which implies a problem with the transformer. I’d like to clean up that entire box and perhaps replace my bulb with a 120v LED and eliminate the transformer completely.

  1. Can I use my existing bulb housing and just screw in a 12v bulb, after perhaps replacing the transformer?

Or

  1. Can I easily convert to 120v and remove the transformer? Obviously I will need a new light fixture.

Note: even with a new seal, my current light fixture is usually 1/4 filled with water and still used to work. An LED bulb will fail immediately with that water in there, right?