Sweep the plywood underlayment to remove any dirt or debris from the floor.
Fill any cracks or crevices in the floor with wood putty. Scrape over the surface of the crack with a putty knife to smooth the putty and create a level surface. Let the putty dry overnight.
Apply a water based primer to the plywood underlayment with a paint roller or paint brush. The primer will seal the plywood so that it requires fewer coats of paint. Wait for the primer to dry completely before continuing.
Sweep the dry floor immediately before you begin painting.
Paint two coats of latex paint in the color of your choice onto the plywood underlayment. Wait for the first coat to dry before applying the second coat.
Paint any designs onto the floor after the second coat of paint has dried. Apply painter's tape to the floor to create stripes in a contrasting or complementary color or use stencils to add a decorative border to the floor. Wait for your designs to dry before moving on to the next step.
Sweep the dry painted floor to remove any dirt or debris. Any dirt left on the floor at this time will become permanently embedded in the floor.
Apply three layers of clear coat water-based polyurethane to the painted plywood underlayment. Choose a polyurethane intended for use on floors to ensure that it can withstand heavy foot traffic. Let each application dry completely before you begin to apply the next.