Yes, water damaged wood floors can be saved. Depending on the extent of the damage, it may require sanding and refinishing or a complete replacement. If only a few boards are affected, they can be removed and replaced with new ones. In some cases, if the floor is not too badly warped or discolored from water exposure, it may just need to be dried out and then sealed with a protective finish. It's important to act quickly when dealing with water damage in order to minimize any further harm to your flooring.