Seal off the room. Floor sanding creates an incredible amount of dust. Tape over any vents in the room, and hang plastic over doors and windows.
Strip the floors. Rent a floor sander and purchase three grades of sandpaper: heavy, medium and fine. While you can use a belt sander, it will take a lot more time. Go on the diagonal in one direction with a heavy grade of sandpaper. Go the other way in a diagonal with a medium grade. Finish by sanding with the grain with a fine grade. The floor sander will not reach the edges of the room; you will need to do this with an edge sander.
Create distressed areas. Use a hand sander to randomly gouge out portions of the floor, if you desire a distressed, true driftwood look.
Remove all the dust. Use a shop-vac to remove all the dust, particularly between the floorboards and on the edges of the room.
Apply a driftwood finish. Several commercial wood stain companies offer a driftwood stain. Apply this with a paintbrush and go with the grain of the wood. Apply one coat and let it dry. If you prefer a deeper color, manually sand the area lightly with a fine grade of sandpaper. Apply the second coat.
Polyurethane the floor. Use a clear coat of polyurethane to protect the wood finish. Lightly sand the whole floor manually and apply the first coat. Let it dry. Sand again and apply a second coat. Two coats should be sufficient.