Ok so I should NOT refrigerate it and open it an hour before drinking?
Also I dont have a basement.

safe yes, but taste and flavor?.... hm.... no!no!no! Red wine needs room temperature and you need to open it 1 hour before you serve so it develops its full body, flavor and taste !

most all wines taste nasty and the real cold hides the flavor while drinking..

safe yes but not the ideal flavor do you have a basement that would be the best if not no more than 2hrs

Ansoloutely NO HARM WILL COME TO YOU.
If you like it cool, thats your preference!
The chilled temperature/room temperature is a guide for enjoying optimal flavors. The same goes for wine/food pairings drink what YOU like with whatever food you are eating. Reds are enhnced with items like steak, but if you like white zin with steak, have at it!

NO!! It's too dangerous!!

Just kidding. It'll be fine.

YES, when you need the wine to be at a optimal wine serving temperature. For doing this, take in account:
A bottle of wine will cool 4°F or 2°C for every ten minutes in the refrigerator (NOT THE FREEZER), and will warm at about this same rate when removed from the refrigerator and left at room temperature—the temperature of the room will affect the speed with which the wine warms up.
For optimal wine serving temperature check http://www.le-cache.com/wine-storage/wine-serving-temperature.cfm

Remember, that it no longer makes much sense to talk about room temperature (65°F or 18°C), given the advent of modern heating systems and air conditioning, interior temperatures now average more than (72°F or 23°C), a level at which all wines lose their appeal.
TIP: A wine is ruined by being too warm than too cold. If uncertain about serving temperature, always err on the side of caution and serve the wine a little too cold. A wine served in that way will soon warm up in the glass, there is no easy way, however, of cooling a wine served too warm except by adding ice to the glass.