If your floor was finished in the last few decades, it is likely that the finish is polyurethane. Do not wax polyurethane! There are a number of cleaners made for polyurethane floors that may remove some surface material that dulls a finish, but does not leave a residue.
Large area - If the finish in the large areas is dulled from abrasion, the only treatment that will restore the overall shine level is screening the whole room (or at least a large defined area up to an edge where a slight shift in gloss will not offend).
This is a process of slight abrasion using a commercial buffing machine (rented from a home center) that takes off the gloss of the whole floor. It is much less intense than a complete sanding and refinishing. The floor is then cleaned thoroughly and refinished with a new topcoat of polyurethane.
Paint globs - The paint globs must be chipped up. You could try a flexible bladed putty knife slid under the edge. If that is not successful, scraping carefully and gently on the top of the paint blob until you just get down to the finish, sometimes the thin last layer will flake away from the finish without much damage.
If the finish is damaged under the blobs, a light sanding followed by a feathered brushing of new polyurethane (of the same gloss as the floor) should cure it. It might be a bit shinier that the surrounding area, but it will dull a bit over time, or you could dull it down after it is well cured with a gently rub of an abrasive dish pad.
Stair edges - The stair edges should be sanded overall, onto the stair tread by about 1". You can use masking tape to make the sanding and subsequent refinishing straight and even. Use several coats of new finish on the edge. When dry, remove the tape. The transition from the old finish to the new on a stair edge will not be very noticeable. Again, you can use a mildly abrasive pad to soften the transition.
The style of finish with several narrow vertical boards placed on broader surfaces is called board and batten. The battens are used to hides seams of the broader sections, and in more primitive construction, to fill cracks, block air, and improve insulation.
The battens are not meant to be structural, but when nailed, screwed, or glued into place, add some minor additional rigidity to the structure. The horizontal and angled strips are also primarily decorative, but fill roles similar to the battens.
Best Answer
The wood appears solid, near as I can tell, and I don't see signs of peeling of the old finish. I'd simply apply a quality siding/fence stain that's tinted dark enough to mask the varying hues in the board and that coordinates with your home's exterior. I wouldn't attempt to scrape it due to the likelihood of damaging the grain, but maybe hit it gently with a nylon bristle brush to remove any loose material.
Note that "stain" is a broad term, and by specifying a siding/fence stain I'm implying that the product is also a sealer. Interior stains, by contrast, are not intended as a sealer or finish coat.