As much as the glow fuel "absorbes" water, the nitro breaks down in sunlight.

If you have kept the fuel closed tight in your basement, then I would say the fuel is in pretty good condition. Certainly, I would try it before I threw it out. I am currenly using a can of synthetic oiled glow fuel that I purchased over a year ago, and it has no ill effects. I have also had no problems with an un-opened gallon of castor glow fuel that lasted over the winter (purchased last octoberish, and actually opened in april sometime this year.

gus