Here's how Webster sees it:
Function: adjective
Etymology: Middle English, from Old English eald; akin to Old High German alt old, Latin alere to nourish, alescere to grow, altus high, deep
1 a : dating from the remote past : ANCIENT <old traditions> b : persisting from an earlier time <an old ailment> <they brought up the same old argument> c : of long standing <an old friend>
2 a : distinguished from an object of the same kind by being of an earlier date <many still used the old name> b capitalized : belonging to an early period in the development of a language or literature <Old Persian>
3 : having existed for a specified period of time <a girl three years old>
4 : of, relating to, or originating in a past era <old chronicles record the event>
5 a : advanced in years or age <an old man> b : showing the characteristics of age <looked old at 20>
6 : EXPERIENCED <an old trooper speaking of the last war>
7 : FORMER <his old students>
8 a : showing the effects of time or use : WORN, AGED <old shoes> b : well advanced toward reduction by running water to the lowest level possible -- used of topographic features c : no longer in use : DISCARDED <old rags> d : of a grayish or dusty color <old mauve> e : TIRESOME <gets old fast>
9 a : long familiar <same old story> <good old Joe> b -- used as an intensive <a high old time> c -- used to express an attitude of affection or amusement <a big old dog> <flex the old biceps> <any old time>
synonyms: OLD, ANCIENT, VENERABLE, ANTIQUE, ANTIQUATED, ARCHAIC, OBSOLETE
I turned 41 a few hours ago. Funny, I don't feel that old but that's how old my drivers license says I am.
I really like the synonyms - too funny