I've got a 1950's bungalow in Ontario. It has the original 1 1/4" oak hardwood floors in the living room, hallway and bedrooms. It is in terrible shape and not worth refinishing. I am planning to put in new hardwood but have a question. Is it possible to just lay the new hardwood (3 1/4" plus) right over the existing floor? If not could I lay an a floating hardwood floor over it?

I'm looking for some ideas, this is my first home and I'm on a budget but I don't want to carpet or put down a laminate.

Thanks in advance,