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The longevity of paint on wood depends on factors like the quality of the paint, surface preparation, exposure to elements, and maintenance. Exterior paint on wood surfaces can last 5 to 15 years or more with proper care and maintenance. Interior paint tends to have a longer life span, often 10 years or more. Regular cleaning, touch-ups, and addressing any issues like peeling or cracking can extend the life of the paint. 

Typically, a fence requires one to two coats of stain. The exact number can vary depending on the porosity of the wood. For specific guidance, it's best to check the manufacturer's instructions. After applying the first coat and letting it dry completely, you can assess the finish. If it appears patchy, uneven, or you want a more saturated color, a second coat is recommended. An extra coat can also help cover lap marks.

Wood stain is typically dry to the touch within 6 to 12 hours, but it is not fully cured at this point. You should wait at least 24 hours before applying a second coat or a protective finish. For surfaces like decks, avoid walking on them for at least 24 to 48 hours, and wait even longer before placing furniture. The full curing process can take from 24 hours to one week, depending on the type of stain. Factors like high humidity and cold temperatures can extend drying and curing times, so it's wise to allow for extra time in these conditions.

Wood stain does go bad, but it will last in the can for between three and six years, provided you use proper storage techniques. Storing wood stain in open containers or in extremely low or high temperatures will cause your wood stain to become unusable much more quickly. Water- and latex-based wood stains typically last for just two to four years, while oil-based wood stains can last for three to six years.