Fisrt, DON'T REPLACE THE FLOOR, that would lead to a lot of headaches and is probably un-nessassary. That floor shouldn't absorb oil that quickly if it had been sealed properly. My guess is that the floor either wasn't sealed correctly or it's been so long since it has been that it's all been worn off.
Try getting a wood oil soap (like Murphy's or Old English) these soaps have oils in them that are meant to be absorbed into wood. This won't take out the oil, but it might help to make it blend in. I don't think that stain is comming out, even if you sanded the floor, the stain would have absorbed into the wood too deeply.
It's important to remember that wood is pourous and the natural oils that are in it are evaporated over time and have to be replaced, or else the wood becomes discolored and brittle, which is probably the case here. I wash all my wood floors twice a year with an oil soap to help keep them hydrated.
If the surface is edge grain and the previous finish was only wax, wiping down with mineral spirits and then sanding using progressively finer grits up to 220 or so should be pretty good preparation to refinish. Skip the soap and water treatment as it won't dissolve any wax and only complicates finishing. Before applying any finish the wood should be smooth and dry. Any staining or blotching you can see is not going to be hidden too much by a clear finish - it's sometimes possible to bleach out stains but this is tricky to do well.
If you are still getting something soaking back up after sanding down to the raw wood, it could be a prior mineral oil treatment. Mineral oil never hardens and is often used on wooden butcher blocks and countertops. Simply reapplying more would be one refinishing option. It's easy (you just apply until it is no longer absorbed) but you have to reapply it frequently. Inexpensive pure mineral oil can be found in a pharmacy (it's sold as a laxative).
Another option would be a pure tung oil finish. It would be slightly more expensive but a little more water resistant. You can get it from a woodworking or finishing supplier. Most "tung oil finishes" sold by hardware stores are not actually tung oil so check the labels carefully if you go this route. It would be applied and reapplied similarly to mineral oil.
Some "Danish oil" finishes are a blend of varnish, oil, and thinner, and others contain only thinned varnish. Generally one applies "Danish oil" in light coats such that a film is not really built up on the surface of the wood. Often wax is then applied over it. This feels nice on furniture but it is going to be less durable that a slightly thicker application of regular varnish applied with a brush or thinned and then wiped on in several coats.
The mineral oil or tung oil would be my choices for a counter that you are actually going to cut on. On the other hand if you don't plan to cut with knives directly on the counter, and if you are able to prepare the counter down to a clean, dry, smooth surface, a wiping varnish is probably the most durable and best looking option.
Best Answer
Start with a wax stripper chemical such as you would use on floors. Use a "Scotch-brite" pad to assist with removal of old stubborn wax. Dry with rags then clean with mineral spirits. Follow that when dry with a thorough sanding with successively finer grit papers, ending with very fine (600). Then finish as desired.