A solvent-based solution including methods of making and using for treating and protecting for heavy traffic asphalt pavement, particularly against water-associated problems, such as repeated freeze/thaw cycles, and damage caused by exposure to UV light. The mechanism of protection include an internal coating and partial internal sealing of voids and pores with a special blend of pre-oxidized asphalt emulsion that has been modified with moisture-insensitive silicone-based compounds and surfactants to enhance penetration depth and effectiveness. The sealer works from within the asphalt pavement as well as at the surface. A water-repelling function prevents water from penetrating from the surface while allowing vapor transmission across the pavement through connected voids and capillaries. The sealer should also enhance the bonding strength between asphalt coated particles, thus eliminate chipping. As a result, the sealer should prolong the life of exiting and of new asphalt pavement as well as reduce maintenance cost.