if that's still the original wiring yes it can and will go bad. the wire insulation will get hard and brittle split open exposing bare wire !!! if i had the bucks i would have the entire house upgraded to romex. the wall sockets tell the story. old wiring didn't have a ground. so the socket is just 2 connecters. if you have the 3 pin connector then its probably been upgraded. so which is it??? 2 or 3 ??