Symbolism, Imagery, Allegory
On their way to find Death, the drunk young ruffians run into an old man who looks like death—wrinkled, ragged, pale, and weak. In fact, he's been seeking Death too, but death won't take him no matter how much he begs to be taken. Is the old man a symbol of death? If so, why is he looking for it? Does he represent wisdom? We really don't know.
Professor John Fleming thinks that the old man is an example of St. Paul's "old self." (Source) Paul wrote to the Ephesians, "You were taught to put away your former way of life, your old self, corrupt and deluded by its lusts, and to be renewed in the spirit of your minds […]" (Ephesians 4:22-23). In this interpretation, the old man is wishing to be renewed through death and salvation in Christ. As opposed to some other characters in the story we could mention.