I might even add an additional field to the original query:
$query = "SELECT `col1`, `col2`, `col3`, IF(DATE_ADD(`date_col`, INTERVAL 2 HOUR) < NOW, 1, 0) AS `old` WHERE . . . ";
Then when operating on a query result row:
while($row = mysql_fetch_assoc($query_result))
{
if($row['old'])
{
// record is > 2 hours old
}
else
{
// record is < 2 hours old
}
}