I played an elf who was an old sage, but I forget if they were in the first or second age category. Didn't get to play very long, but I liked the character... walked with a limp in robes and carried a quarterstaff as a walking stick -- but in combat tumbled everywhere and used the staff w/ two-weapon fighting. Great fun. Huge Yoda ripoff, but hey, I enjoyed it. (wiz5/fighter1/eldritch knight1 at campaign dissolution.)
One guy in my group tends to play human characters who are eighty years old. It worked pretty well for the psionicist (3.0, shaper) he played in my game -- a very creepy old man who was basically crippled (4 str, 4 dex, 6 dex,) and spent all his time making a ring that made him uncrippled. Very neat character, very creepy old man.
The other character he's made in a game I'm a player in, he's a 78 year old ex-pirate turned dirt farmer turned unwitting planar adventurer. (I'm his adopted son.) It's quite fun, he's a crazy old man who spends most of his time pursuing the fountain of youth and related places -- and I'm right behind him... although the rest of the party thinks he's a little off! It's primarily misadventures at this point, but it's pretty fun, and it's good adventure motivation too. (He's also a fighter in this one... lemme tell ya, -6 str/dex/con is fun when you're the group's only fighter!) Hehe... that group gives me crap about character optimization though... so he played a super-optimized character to spite me. It's fun. (The DM likes it and runs with it too, it's not quite a screwoff character, just a weird idea.)