Get the floor very clean, scrubbing it with floor cleanser and a scrub brush. Mop-rinse it. Let it dry for 24 hours.
Set your 2-by-4 on its narrow edge at one side of the room. Move it slowly over the floor, looking for gaps along the bottom of the 2-by-4 that indicate low spots. Mark around the low spots with your pencil. Do this over the whole floor.
Pour 2 inches of water into the bucket. Add the ratio of floor-lever powder called for on the package (4 parts power to 1 part water is typical).
Mix well with the drill and mixing bar, getting the leveler to a thin, watery compound.
Pour leveler over the low areas that you marked, starting at the far corner of the room from the doorway and working your way out. Fill any visible gaps or holes as well.
Let the leveler set for 12 hours. The floor is now ready for floating floor installation.