My living room floor needs to be refinished. The wood is in pretty good shape and should clean up with a light sanding. The problem is that each board has a 1/16 bevel taken off the edges. How do I clean out those grooves? Is there some kind of a machine I can buy or even a hand tool that's reasonably efficient?

I'd appreciate any advice I can get.

At your hardware store, look for a scraper with a triangle head. I've used those to clean up the v-grooves. I've even seen guys use old beer can openers sharpened. Keep a file on hand to keep blade SHARP. The sharper, the better.