We just picked up some old hardwood. It is oak, 1 5/16" wide, 5/16" thick, NOT tongue & groove (just strips). Anyone worked with type of product before and have any tips?

Yes, what do you want to use it for?

Well, the plan is to use it as flooring. We have no experience with hardwood flooring. This wood came up on a good deal. Just wanting to see if it is a viable option to use it as flooring again.

USED 5/16" flooring, usually oak, is normally face nailed and may have nails in it. Or at least nail holes. And those narrow strips make it a time consuming job. IMO, since you have NO experience, that type of flooring is best left to the professional who has done those types of floors before. When we remove it, we usually through it away. It's cheap.

Thanks Gary. If we were determined to give this wood a try, what exactly would be entailed?

Here's installation instructions from Lebanon oak website:
http://www.lebanonoak.com/

Installation Instructions
"To install 5/16" strip or plank you need a clean, dry flat wood sub-floor about 3/4" - 7/8" thick. 5/16" x 2" oak strip can be laid with a 4 or 5 board border, if desired. The corners or offsets are either mitered or log cabined for desired effect. Some border incorporate "feature strips" of contrasting color; such as walnut, mahogany, redwood, teak, etc. These feature strips come in 5/16", 1/2" and 3/4" widths and are used either one or two per border.

On occasion, patterns are built into the corners depending on the skill of the floor layer, and the designs detailed. The border should be squared to the room and any necessary rips scribed in at the wall line to take care of irregular runs in the wall line. The field is racked out loose, with the ends overlapping the positioned border. The flooring is then accumulated into a close or tight position by hand and then using any type of tool suitable for the purpose: i.e. a nail set, screw driver, chisel or like driver at a slight angle against the rack of loose boards, start a nail about a half inch in from the edge nearest you in the furthest board, apply tension with your took and while the rack is under tension, tack and set the nails. DON'T NAIL LOOSE BOARDS WITHOUT APPLYING TENSION; they can split. Accumulate and tack the whole floor into position and cut in rips as required. Strike chalk lines seven inches apart across the room and 1/2" in from the edge of the boards. Butt joints are also nailed 1/2" or 3/4" in from the ends of the boards.

In the case of plank flooring, care should be taken in nailing the butts; to keep them out of the way of any plugs or dowels that may be desired in the floor. These floors are nailed with 1" 15 gauge flooring brads, using our new Pneumatic Top Nailer, a Cavanaugh or equal nailer, making sure the boards are down to the subfloor and not up in the air. Floor should be trowel filled with wood filler. The filler seals floor and fills nail holes and any cracks. After filler has dried, sand and finish like any other wood floor."
For more resources on general wood flooring information and for questions regarding installation, please visit the National Wood Flooring Association's website.