If the paint is slightly damaged, a coat of paste wax may smooth it and protect it from further damage, although wax will not smooth paint that has cracked. A light or clear beeswax or carnauba paste dries to a hard finish, and when buffed will have a glossy shine, which can disguise the appearance of rough, scaling paint. Wax the wood three or four times per year and buff it with a soft cloth between waxing to restore the shine.
Steel wool can be used to smooth out small areas of damaged paint. If the paint is minimally damaged, a light sanding may buff it enough to smooth it. In some cases, you can lightly paint over the damaged area with the same color of paint, feathering the edges to blend it.
If large areas of the wood are rough, cracked and scaling, the best solution is probably to remove all the paint by sanding or scraping it, and start anew with a fresh wood surface. This process is time-consuming, but a handheld electric sander expedites the process. Wrap a piece of sandpaper around your finger to reach nooks and crevices inaccessible to the electric sander. Stripping products soften and loosen old paint, making it easier to scrape, although they may gum up a sanding machine. Follow directions carefully when using solvents and strippers.
Before going to the trouble of repairing old wood, ascertain that the wood itself is structurally sound and worth saving. Surface cracks can be sanded out, but if the wood is rotted or has deep cracks, it is probably not redeemable. Once you repair it, maintain painted wood by wiping it down occasionally with a damp cloth. Store it in a dry location where it won't be exposed to excessive moisture, which causes the paint to become roughened and scaly. Dry heat and sunlight can also damage painted wood surfaces.