There is some rehab corrective stretching and strengthening exercies here. As long as there is no damage to the connective tissues or sinovial fluid disc. This is SMR Self Myofacial Release. (self massage) Cheap and can help tremendously. As you age deviations tend to start pulling your knee out of alignment. Here is some stretching exercises to help. Typically the small sharp pains located in the knee typically come from deviated muscle and they must be rehabilitated for better flexibility.
IT Band Knee hip stabilization, too tight pulls knee to the outside and pinches joint.
http://www.youtube.com/watch?v=gbT_OC5LQyAAdductor for hip knee stability too tight it will start to pull knee inside and pinches joint.
http://www.youtube.com/watch?v=Ezz_rncHEwMHamstring for ACL support and pelvis placement posture realignment
http://www.youtube.com/watch?v=FXG4xnzvf6oGlutes and Periformis for hip stabalization and posture realignment
http://www.youtube.com/watch?v=ScTMHzUXdTM&NR=1Quadracep, intermedius, and laterallus and Medialus
http://www.youtube.com/watch?v=T1xI25pBlKwI am not sure what exactly is going on with your knee as there are some tests to find out exactly but I would recommend starting here. Also begin stabilization exercises using a bosu ball.
This is the goal to get to. Begin by just being able to balance on it first, then add weight etc etc. This will help stabilize after the flexibility rehab.
http://www.youtube.com/watch?v=iwnNQOIKIZcHope this helps. It is a typical problem I have seen many times and have helped people rehab out of. It takes a couple of weeks 3-4 times a week with SMR then start stabalization exercises. Don't use weight, body weight is more than enough. There are tons of rehab videos, I just know of these because I have used them in demos.
I really hope this helps, just to let you know, alot can be corrected just from wearing the correct shoes. Alot of the things you are going through, alot of people have experienced the same and there is a way out. Hope this helps!!!!!