Any additional information on decanting red wine such as how long to store etc would be very helpful-thanks!

Wide based decanters are the best. Decanting a wine will mellow the sharp tannins of a young wine, but sometimes at the expense of some of the earthy flavours. A Syrah / Shiraz can benefit from decanting, so can a Petite Syrah. Once again Syrahs and Shirazs are from the same grapes but a Petite Syrah is from totally different grapes. Commonly thought to be the varietal known as Durif, however this belief has been recently doubted due to DNA testing (not kidding) on wine grapes.
Only store wine for long term if you have to proper climate.

You should use glass decanters only so that the wine won't get other flavors from the container. You should let the wine stay in the decanter for about 15 min. then serve it

Any crystal or glass decatner will do the trick. We have two kinds in our home - the one with the parge flat base and the one jthat looks more like an old milk container. Both do the trick just fine.

Depending on the qualities of the wine, you can decant anywhere from 15 minutes to 3-4 hours safely.

You don't 'store' red wine in a decanter. Only decant as much as you plan on drinking. You store red wine horizontally in a cool place (not cold, not a fridge) with constant humidity. Most red wines under $40-$50 are meant to be drank right away. More expensive wines, especially those from great vintages, can age indefinately.


Edit: You should only decant sedimented wines? lol. That's a bunch of BS. I decant $15 of wine regularly. You'd be amazed what a little decanting can do for a cheap wine. Decanting isn't done to remove sediment - it's done to oxidize the wine. Oxidization reduces tannins and opens up flavours. A $15 bottle of wine can easily taste as good as a $30 bottle with decanting, sediment or no.

If the wine is not old enough to have thrown a sediment - as most are - you should not decant.

Also, be aware that "Petite Syrah" is not a syrah at all. It is the name Californians gave to a lesser grape called duriff.