ACR FLT CREW REPORTS MISSED APPROACH AT ALB AFTER MISIDENTIFYING RWY 28 REILS AND DESCENDING BELOW MDA.

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ON APCH TO ALB RWY 28; ESTABLISHED LEVEL ON THE MDA OF 800 FT MSL; I IDENTED 2 FLASHING LIGHTS ON THE GND AS THE REILS AND BEGAN A DSCNT TO LAND. SHORTLY AFTER INITIATING THE DSCNT FROM THE MDA; I BECAME UNCERTAIN THAT WHAT I SAW REALLY WAS THE RWY AND INITIATED A MISSED APCH. ON THE MISSED APCH; I CAUGHT SIGHT OF THE RWY WHICH WAS NOT WHERE I HAD PREVIOUSLY BELIEVED IT TO BE. IF I HAD COMPUTED A VISUAL DSCNT POINT ON THE FINAL APCH; I WOULD HAVE BEEN LESS LIKELY TO PERCEIVE THE WRONG LIGHTS AS THE RWY. SUPPLEMENTAL INFO FROM ACN 776319: WE WERE CLRED FOR THE APCH; VOR 28; AND TO LAND ON RWY 28. AFTER DSNDING TO THE MDA; 800 FT MSL; THE CAPT WENT OUTSIDE AND MISTAKENLY THOUGHT HE SAW THE RWY. HE STARTED TO DSND SLOWLY FOR WHERE HE THOUGHT THE RWY WAS; WHEN ATC SAID THEY HAD AN ALT ALERT. THE CAPT BEGAN TO INITIATE A GAR WHEN WE GOT A GPWS WARNING; 'TOO LOW TERRAIN.' THE GAR WAS EXECUTED WITH NO OTHER WARNINGS AND WE LANDED SAFELY ON OUR SECOND ATTEMPT AT THE VOR 28. NO OTHER COMS WITH ATC WERE MADE. WX AT ALB: FEW 015 OVCST 035 VISIBILITY 2 1/2 MI -SN WINDS APPROX 290 DEGS AT 15 KTS GUSTING TO 22 KTS VOR 28 IN USE. FO; ME; COULD HAVE CONFIRMED WHAT THE CAPT WAS LOOKING AT IN REGARDS TO THE RWY. A BETTER REVIEW OF THE RWY LIGHTS WOULD HAVE HELPED.