Badger4, I'm not certain where you got your information on "strains" from but it's important that you're not misled into thinking that the cold is caused by many different strains of the same virus. This is not true because there is no such thing as "the common cold virus". All the virus types I've listed above can cause the symptoms and sometimes, even bacteria have been known to bring on the symptoms without any virus being present. Chlamydial lung infection for example mimics URI very well.
As far as immunity is concerned, species have what is called serotypes which might loosely be called "strains". However almost all of the species with serotypes can change their form (mutate) within any given year. As a result, even though there are only 200 species, serotypes are virtually infinite, which means that it's impossible to acquire a high percentage of resistance to any group of virus at any given time.
Yes, older people do in general tend to demonstrate a greater resistance per se in temperate climates as they have encountered more of these serotypes in theie lifetime. However, some of the most virulent serotypes such as the one that occurred in the USA in 2006 struck the elderly with devastating effects.
As for immunity from any given serotype, it can vary considerably. Sometimes you'll be immune from the same for a year, other times it can last a lifetime. No one really knows why. Don't be misled into thinking though that you cannot catch a cold from the same causative organism twice in any given year.