Here is what I found on wikipedia that sums it up fairly nicely:

"Extinct volcanoes are those that scientists consider unlikely to erupt again, because the volcano no longer has a magma supply. Examples of extinct volcanoes are many volcanoes on the Hawaiian – Emperor seamount chain in the Pacific Ocean, Hohentwiel, Shiprock and the Zuidwal volcano in the Netherlands. Edinburgh Castle in Scotland is famously located atop an extinct volcano. Otherwise, whether a volcano is truly extinct is often difficult to determine. Since "supervolcano" calderas can have eruptive lifespans sometimes measured in millions of years, a caldera that has not produced an eruption in tens of thousands of years is likely to be considered dormant instead of extinct. Some volcanologists refer to extinct volcanoes as inactive, though the term is now more commonly used for dormant volcanoes once thought to be extinct.

"It is difficult to distinguish an extinct volcano from a dormant (inactive) one. Volcanoes are often considered to be extinct if there are no written records of its activity. Nevertheless, volcanoes may remain dormant for a long period of time. For example, Yellowstone has a repose/recharge period of around 700,000 years, and Toba of around 380,000 years.[15] Vesuvius was described by Roman writers as having been covered with gardens and vineyards before its eruption of AD 79, which destroyed the towns of Herculaneum and Pompeii. Before its catastrophic eruption of 1991, Pinatubo was an inconspicuous volcano, unknown to most people in the surrounding areas. Two other examples are the long-dormant Soufrière Hills volcano on the island of Montserrat, thought to be extinct before activity resumed in 1995 and Fourpeaked Mountain in Alaska, which, before its September 2006 eruption, had not erupted since before 8000 BC and had long been thought to be extinct."