We've recently pulled up carpet in our entryway to reveal hardwood that has been severely pitted. Is there hope for these floors or is this going to be wood that has to replaced?
This is not a question that can be answered over the internet, especially without pictures.
The biggest factor in whether or not the floors can be refinished is the type and thickness of the flooring. If it's solid flooring, then yes it is likely that it can be refinished. If it's engineered flooring then maybe, maybe not, more likely not. If it's a Pergo-like product then there is no refinishing, only replacement.
I would recommend contacting a few local refinishing contractors and have them evaluate the floor and provide a bid. Get at least three bids and then choose the contractor that you feel you can work with and that will provide you with the best job.