Why does my ankle wobble when standing on one foot? i havent worked out in years and am out of shape. could it be neurological?

Muscle weakness from lack of exercise is a more likely explanation. Try doing exercise, any exercise. If you can do yoga, that will improve your balance. For healthy diet: http://www.choosemyplate.gov/., exercise 30 minutes/day, drink enough water daily so your urine is mostly colorless, have safe sex, no tobacco alcohol weed or street drugs.

A reasoned answer would require a full review of your history, an exam and likely some testing. The minimal information provided just suggests if it interferes enough with your daily activities have it evaluated.