Dame is an honorific title and the feminine form of address in chivalric orders, the British honours system, and those of several other Commonwealth countries, such as Australia and New zealand, with the masculine form of address being sir.

It is the female equivalent for 'knight', traditionally granted to males. The Most Honourable order of Bath, the Royal Victorian Order, or the Most Excellent Order of the British Empire becomes a ''Dame''. Formerly, a Knight's wife was given the title of ''Dame'' before her name, but this usage was replaced by ''Lady'' during the 17th century.

The youngest person to be appointed a 'Dame' was Ellen Patricia Mc Arthur, who was a retired English sailor, from Whatstandwell, England. She was then at the age of 28. The oldest had been Gwen Ffrangcon-Davies at the age of 100. She was a British actress and born in Laibon of Welsh family.

More Info: en.wikipedia.org