Load your drum sander with rough sandpaper. Run the sander over the wood floor in the direction of the boards, forward and back, at a moderate pace. Work your way across the whole floor, taking up most of the old finish. Keep the sander moving at all times to avoid damaging the floor. Vacuum the dust.
Sand the floor again, this time with the medium sandpaper belt, taking off the rest of the old finish and leaving the wood bare. Vacuum. Repeat a third time with the fine sandpaper belt to make the surface smooth and flat. Vacuum well.
Brush the wood stain over the floor in sections of 4 to 6 square feet, starting at the farthest point from the doorway. Brush the stain on heavily, letting it sit on the boards for one minute. Wipe up the excess stain with old rags. Repeat for each section, working your way across the floor and out of the room. Let the stain dry for 12 hours.
Wipe off the floor with tack cloths to take up any residual dust. Apply polyurethane to the entire floor in a smooth, even layer, using a paintbrush. Brush it on in the direction of the floorboards. Let it dry six to eight hours.
Use extra-fine sandpaper to dull the gloss by hand. Wipe up the dust with tack cloths.
Brush on a second coat of polyurethane. Let it dry for six to eight hours. Lightly sand it with extra-fine sandpaper. Wipe up the dust with tack cloths.
Brush on a third layer of polyurethane. Let it set for 24 hours.