Solid Hardwood, Engineered and Laminate Flooring - Are my old squeaky floors salvageable?

I have a home, built in 1922 and in the basement I have this all wood room that I am trying to renovate. Pine wood walls, ceiling and I assume fir hardwood flooring. The room is very small only about 10x10 The floor overall is raised about 1" off the rest of the basement floor so I suspect the hardwood floor is resting on some sort of plywood or wood underneath. and then that that is resting on what is sure to be a very un-flat concrete floor.

I'd like to replace the floor mainly because of the extremely loud squeaking it makes, but at the same time I hate to throw out what is essentially a nice looking (if a bit beat up) floor.

What would you guys suggest I do here? My ideas:

1. Leave the floor, even it if squeaks
2. Remove the flooring and try to salvage it as much as possible...and attempt to rebuild it. This might be a crazy idea...but man its painful to destroy wood like this. They don't make wood like this anymore :-)
3. Try to eliminate the squeaks with talcium or Graphite dust...if that doesn't work tear it out.
4. Nail/Screw into the flooring from the top in hopes that I can eliminate the worst of the squeaks.
5. Tear it out and replace it with carpet (probably my only choice with such an uneven floor).
6. Something I haven't thought of.

My first choice would be #3.....try using powder. Almost always effective on those older squeaky floors.