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It depends on the breed of the horse and how well it is taken care of. I know of an Arab who lived to be 34 years old and I had a Morgan who lived to be 28 years old. You can never be exact on how old a horse can live, its all about the way it is taken care of.
Old Billy is the oldest horse who ever lived, and he lived to 62. The oldest horse in the world is 51 right now. In my experience, horses live to 30 +. We have a 34 year old horse, and a 32 year old mini right now.
I know a pony, Ted, down the road who is LEGIT 67 years old. He has no teeth so he can't eat grass so his mommy (who is 90 something and has owned this guy since he was a foal) feeds him grain all mushed up :) He's a happy bugger.