There are several different kinds of "freezes", but the one you are talking about applies to two years before you can bid into a lateral equipment or down. The equipment is sorted into three categories and 2 seats ( for a grand total of six bands). Narrowbody, 756/76T and wide-body. You can always build up, which is why the 737 and a320 guys are essentially not considered "seat-locked," they can bid up into the 756 from day one . So as a 756 first officer, if you can hold it, the 7-4, triple seven, or 787 are all yours for the taking
737 and airbus guys cannot bid into each other's fleet for two years either (except for a few provisions, like the opening of a new domicile i.e. DCA 737 this year). The reason the smaller airplanes go senior, his new hires try to get to the domicile they want, then bid the 756 when they are able to hold it in their geographic location.
As for age, it varies widely class to class. I am in my early 30s and expected to be close to the bottom, but there were five guys in my class younger and I managed to get an Airbus slot. A class a few weeks before us had an eight ball in his mid-30s and more than half the class above 45.
Good luck, although being away from home and learning a new airplane is never "fun," it is pretty damn bearable here at United