Leaving the open bottle sitting for an hour is a good start but only a small portion of wine will be aerated. However, there are devices that do a good job of aerating a whole bottle or a glass at a time.
There's the Decantus™ wine decanting set. It comes with a screen to filter out sediment (Mostly for very old wines.) The aerator itself and a stand to hold the device above a wine glass. Also, there is a cleaning brush and a velvet storage bag for the aerator. That's the Decantus™ model 7711. You can buy most of these items separately. Then there are the aerator wine pourers. A large wine pourer that lets in the air as it flows. The model 7723 comes with the pourer, cleaning brush and a velvet storage bag. There are other aerating pourers to be found in the Franmara catalog or www.franmara.com/