How Does
Preparation
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Belt sander
To prepare for refinishing a hardwood floor, first gather all the necessary tools. You'll need a belt sander, edging sander, hand sander, sandpaper (in at least three different grades for each sander), a broom, drop cloths, duct tape, wood stain, polyurethane, brushes, buckets, safety goggles and a respiration mask. The sanders can be rented to avoid spending a great deal of money.
Remove all the furniture from the room to be worked on. Cover the doors leading out with drop cloths to prevent dust from escaping the room. Ventilate the room well. Wear the goggles and respirator, especially while sanding.
Sanding
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The big belt sander is actually very easy to control, though it may look intimidating. Take a little care and go slow to avoid gouging the hardwood floor. Or, buy a big piece of plywood and practice on it before going to work on the floor.
The bulk of the sanding work should be done with the belt sander, with corners and hard-to-reach areas done with the edger and hand sander. The lightweight hand sander is especially useful for the risers of stairs.
Sanding should be done in three stages. A very coarse grain of sandpaper will strip off the old finish or paint. A medium grain of sandpaper will deal with the scratches left by the preceding coarse grade. And, a fine grain will put a nice, smooth surface on the floor. Sometimes a fourth, even finer, stage of sanding is desirable.
With the sanding finished, sweep and mop the bare wood to clean up the work area. Then leave it to dry overnight.
Finishing
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Take a new look at your work area. If necessary sweep and dust it again. You want a clean work space, because anything that falls into the recently stained floor is likely to stick stay there.
Apply the desired wood stain slowly and evenly with a brush. Do not use a roller, as this will tend to cake it and produce a nasty film. Allow that to dry and return to apply a layer of polyurethane. You will need to apply at least two layers of regular polyurethane. Given the drying time, an early start and well-scheduled work day will allow for two applications (stain or polyurethane) to be applied in one day. The finishing can be done in as little as two days.
eHow Article: Refinishing Wood Floors