It will smoke, it will get you high, but may be harsh as hell. Even if the high is good, if it is not pleasant to smoke you will not enjoy it as much. Fresh wine is drinkable, but aged wine is mighty fine.
enzymes will not continue to break down without a proper cure. By the time you cure the metabolic processes are pretty much toast, so it's mostly this breaking down of enzymes from what I understand that is going on in cure.