Ancient Gin

I am in Cincinnati ostensibly to help my grandmother move from her house into the Grandma Dorm, and one of my projects today was going through her liquor closet. A few questions:

1. What the FUCK is cream sherry? And what is the sediment that forms at the bottom of the bottle?
2. Frangelico...why?
3. Does gin in a non-airtight container eventually become water? There was a bottle of gin that certainly predated the DKM Era-- I am estimating that it was purchased maybe in the mid-50's. And when I took the cap off, the liquid inside didn't smell like alcohol at all. It had no aromatic properties. So, either gin turns into water, or one of my aunts/uncles snuck some of it and replaced it with water. (Classic move.)
4. There was also a tiny bottle of Angostura bitters-- I know it's an ingredient in classic cocktails, but DAMN!, that stuff is potent. Granted, it could've increased in potency in the 300 years that it's been in my grandparents' liquor cabinet. Oh, alright, 250 years.

A cousin of mine made me try chocolate port as a digestif on Christmas Eve. It tasted like cough syrup that had some Nestle Quick powder in it. Why must we mess around with the classics? Awful. Just awful.

I am contemplating a night out with some Cincinnatians tonight. I have a bellyful of fried chicken, one of the best things ever invented, and about 60 different tasks to help Operation: Grandma Dorm. There is also some talk of watching more episodes of Glee. On the other hand, it's a Saturday night and I do SO enjoy nights out in the Queen City. Tricky.