Wine Glossary
Definition: Oxidation
A wine that's been exposed to air undergoes oxidation, which causes chemical changes and deterioration. An oxidized wine has a stale, dull, sherrylike smell and flavor; its color takes on a brownish cast. Although oxidation is an asset in wines like sherry and madeira it's undesirable in a table wine and can render it undrinkable.
Source: Answers.com; Wine Lover's Companion - R & S Herbst