  We extend the exact multilocal renormalization group (RG) method to study the
flow of the effective action functional. This important physical quantity
satisfies an exact RG equation which is then expanded in multilocal components.
Integrating the nonlocal parts yields a closed exact RG equation for the local
part, to a given order in the local part. The method is illustrated on the O(N)
model by straightforwardly recovering the $\eta$ exponent and scaling
functions. Then it is applied to study the glass phase of the Cardy-Ostlund,
random phase sine Gordon model near the glass transition temperature. The
static correlations and equilibrium dynamical exponent $z$ are recovered and
several new results are obtained. The equilibrium two-point scaling functions
are obtained. The nonequilibrium, finite momentum, two-time $t,t'$ response and
correlations are computed. They are shown to exhibit scaling forms,
characterized by novel exponents $\lambda_R \neq \lambda_C$, as well as
universal scaling functions that we compute. The fluctuation dissipation ratio
is found to be non trivial and of the form $X(q^z (t-t'), t/t')$. Analogies and
differences with pure critical models are discussed.
