Just ran across this on Jack Kellers site!
Treating Oxidation
"But when a wine oxidizes, you can remove some -- but not all -- of the oxidase from the wine. An oxidase is any of the enzymes that catalyze biological oxidation either directly or indirectly. These enzymes may be an oxidoreductase, oxygenase or peroxidase. Whichever, you can remove some of the enzyme responsible for the oxidation.
First, correct the wine's SO2 level commensurate with its pH. Then measure 1/2 gram of non-fat powdered milk per liter of wine and dissolve this in 5 mL of cold water per liter. In other words, to treat 5 U.S. gallons of wine (approximately 19 liters), you would dissolve 9.5 grams of powdered skim-milk in 95 mL of cold water. This would be added to the wine while stirring the wine vigorously. The wine may foam, but will soon stop doing so. The reconstituted skim-milk solution must be thoroughly integrated into the wine or it will accomplish nothing. After it is added and integrated, small brown curds will develop in the wine but will eventually settle as lees.
In a previous entry here (June 25, 2003) I noted that Polyvinylpolypyrrolidone (PVPP) can remove some of the taste (but not the odor) of oxidation. Similarly, Polyclar Ultra K-100 and Polylact are products that combines casein with PVPP for tackling browning problems.
About three days after adding the reconstituted skim-milk solution, rack the wine carefully off the oxidase-laden curds into a clean secondary. You may want to tie a piece of fine, sanitized nylon over the intake end of the racking hose (or racking cane, if you use one) to prevent the small curds from being siphoned into the clean secondary. While racking the wine, add the required amount of PVPP, Polyclar Ultra K-100, Polylact, or another fining agent of choice such as Bentonite to the transferred wine (the clean secondary), Allow this to settle under airlock for about 10 days, then rack again. The wine will be greatly improved, but not as good as if it had not oxidized at all."