Yes, it does.
It all depends on the variety, vintage, temperature it has been stored in and the way it has been stored (upright or laying down).
Most people seem to think that red wine only gets better with age. And while this is true in some cases- it is not the case for every bottle of red wine. Some red wines are at their optimum drinking time a year or two after they have been bottled, whereas other wines can last 20 years or more. You'll learn lots about this if you visit different wineries - it all depends on the grapes and the climate.
The tricky thing is knowing when the wine is at its best drinking time. One of the easiest ways to find this out is on the label. Some, but not all wines, record the "cellaring" time. Some wines may say cellar for up to 5 years. This will mean that if the label is dated 2004, you can keep it and still enjoy it in 2009. But you would need to store it in a dark, cool place at around 13 degrees celcius.
If there is nothing on the label, think about investing $30 in a wine guide, like James Halliday wine companion, or maybe one of Stuart McGill's books, it will list most wines with their optimum drinking time.
Of course, the best way to find out if it is off or not is to pour it into a glass, have a good sniff and if you're still not sure, have a sip. You will tell the different if it is off. It is almost like a vinegar taste. Not pleasant.
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