Warped... usually happens to wood rackets.. doesn't happen often to graphite rackets.
Wood being more sensitive to moisture, heat, pressure (strings tension) tends to bend out of shape as a result. That's why people used to clamp down the racket head with the vise like device (don't know what's it called) to prevent rackets from warping.
Cause of Warping:
Say if you leave your wooden racket out in the sun. It heat's up and expands. Wooden rackets are constructed of various layers of wood, adhesive etc.... The different layers of wood and materials will expand due to the heat at a different rate. This causes uneven pressure in the frame. The uneven pressure in the frame will cause the wood to bend or twist out of shape.
Age or stiffness... don't think it matters much. Mainly due to uneven pressure on the frame.