I'd go with that, although the better the wine, the better the food.
I wouldn't cook with "cooking wine" - it's akin to putting kerosene on your cornflakes.
Having said that (Did I just say that?? ), I don't think I'd ever cook with a Chateau Mouton-Rothschild Grand Crû Classé either, unless it had been donated for a Gala Dinner with the Queen, the King of Spain and Angelina Jolie.
I always freeze the remants of a bottle of of wine that may be left after a meal... The icecubes can be added to any stew/casserole etc. It means that dishes often have a mixture of wines in them, but for many dishes, that doesn't matter!
I discovered something a few months ago and wondered why I never noticed this before. When I open a bottle of wine for cooking I don't always drink the whole bottle so I have to throw some of it out if it sits more than 2 wks. in my fridge. In a recent trip to the supermarket I happened to notice in the wine section (on a high shelf of course) bottles of good chardonnay, merlot, and cabernet in little bottles - about 1 glass full. They come in a little six-paks and I find that these are just enough for a recipe, maybe 2. No waste.
The attributes that make wine "better" are lost through the cooking process, though. You can't taste the difference between a $10 bottle and a $40 bottle in cooking but you (usually) sure can when you are drinking it.
Especailly is a recipe where you are adding wine more for its alcohol than for it's flavor.
I'd open up a bottle of lesser stuff before I'd cook with a really nice wine.
P.S. Like Ishbel says NEVER throw away wine!! FREEZE IT to use for cooking later!!