For this locution 'old' is not an augmentative of 'old' but a 'blow of old age'. It is the moment when someone realizes that he is no longer young; and he doesn't accept it. He tries to look like teenagers, listening to his music, using his words, and wearing clothes that by age often look ridiculous, in a vain attempt to deny the passage of the years. You can say "grab the old lady", "stick the old man", but it is not customary to use only the word 'old' with this meaning. See also old man.
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