Set up the drum sander with a 30-grit abrasion sanding belt. Run the sander over the floor, in a direction diagonal to the floorboards, taking up most of the top layer of the wood and dulling the edges between the boards.
Vacuum the dust.
Put the 80-grit belt in the sander. Run it over the floor in the opposite diagonal direction as before, taking off the rest of the top layer of the wood and getting the edges between the boards completely flat. Vacuum again.
Sand the floor a third time, using your 120-grit sanding belt and going with the direction of the boards, getting it smooth and flat. Vacuum thoroughly.
Brush wood stain onto the sanded boards, starting at the corner of the floor that's furthest from the doorway, so you can work your way out of the room. Brush it with the direction of the floorboards, covering an area of about 4 to 6 square feet, applying it heavily enough that it pools on the surface.
Allow the stain to sit on the boards for one minute. Wipe up the excess stain with a cotton cloth.
Repeat, working section by section out of the room. Adjust the amount of time you leave the stain on the floor before wiping it up to get it darker or lighter as needed. Complete the whole floor.
Let the stain dry for 24 hours. The floor is now ready for the application of varnish or polyurethane.