Wine too old?

[Antny]

Hi, I am a true newbie to wine, but I do enjoy learning. My question is about the ageing of wines. Can a wine be bought and kept too long and then "go bad"? Or do most/all wines get better with age?
I just opened a bottle of Turning Leaf Merlot 1997 that seems to me to be somewhat light in color. It also has some gritty looking substance that shows on the glass. I read in another thread that the precipitant is normal to be seen at the bottom of the bottle, but this is in the very first glass from the bottle. Am I safe drinking this, or should I discard this wine??
Thanks in advance