Corked

Corks serve two purposes, to keep the wine in and to keep the dirt, air, and other undesirable items out of the bottle.  Cork is made from the bark of an oak tree, specifically known as Cork Oak.  Cork Oak is a living thing and has flaws and imperfections which can lead to trouble.

Most often these problems can be divided into three areas; taint, oxidation, and bottle variation.  Taint occurs when bacteria contaminates the cork and reproduces in the bottle.  Wines thus affected are said to be corked.

The most common chemical compound that this interaction creates is 2-4-6 trichloroanisole, and this gives the wine its corky smell.  At first, these wines become dull in flavor and the fruit taste disappears.  At the next step of affliction the telltale smells emerge; typically described as the smell of a damp dirty cellar or old musty newspaper.

Some people are more sensitive to the signs of corked wine than others, and some people are unaware that infected wine is really off.

Fortunately, corked wine is rarely encountered.  In all the wines I have consumed over the years, I have only had a corked wine once.  The one time that I did have it, it was by design.  It was during a wine class I attended that the instructor presented it to us so we would recognize it when we encountered it.  It is not dangerous and is safe to drink.  In fact, some people did not mind the taste.
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The vast majority of us will probably never encounter a corked wine.  Wine makers are on top of the cork game.  Also, more and more, synthetic corks and screw caps are being used.  This is why you are seeing more wines standing up these days.  Synthetic corks and screw caps are just fine in the upright position.  Natural cork though, needs to be kept moist.  It is best to lay these bottles on their side when storing wine long term. 

Cheers!

Hoosier Wine Guy