A number of conditions contribute to floor squeaks. The floorboards may be lifting away from the subfloor, either because they weren't properly installed or because the nails are pulling loose. It's also possible that the subfloor itself is lifting off the joists, which produces different kind of squeak -- more widespread, deeper and more unsettling. Moreover, squeaks may be the result of swelling floorboards rubbing against each other when you walk on them. They may be swelling because of excess humidity in the room or because there is inadequate moisture protection between the flooring and the subfloor.
If the squeaks in your floor are due to lifting floorboards or a loose subfloor, you should be able to stop the noise by driving extra fasteners. If you can get under the floor, you can secure loose floorboards with screws and reattach a loose subfloor with construction adhesive or anchors. When you can't get under the floor, you have to do this from above, and that means disfiguring the floor. If the squeaks are caused by swelling, sprinkling talc on the floor often lubricates the boards enough for temporary relief, and adjusting the humidity should allow the boards to shrink.
Laminate flooring comes to your rescue when you can't get under the floor and must drive fasteners to secure floorboards or the subfloor. After driving the necessary fasteners, which are optimally trim screws with undersized heads, you lay a moisture-proof foam underpadding, which also controls squeaks by providing extra cushioning. With the laminate flooring floating on top of the underpadding and loose floorboards secure, the squeaking should be no more. If it returns, you can always disassemble the laminate floor, add more fasteners and replace the floor. If you like the look of the existing hardwood, you can probably even find a laminate style that matches it.
It isn't a good idea to cover your floor with laminate if the floorboards are swelling and rubbing against each other. By adding a moisture-resistant pad on top of the floor, you may lock in moisture and worsen the problem. Moreover, the new layer of underpadding and flooring may muffle the squeaks, but they probably won't stop them, and you won't be able to lubricate the boards periodically with talc. Allowing the floor to dry out enough for the squeaking to stop -- without adding an extra layer of laminate -- may be a good enough solution. A small amount of squeaking in an old hardwood floor is normal.