You need to select a brand of bamboo that is made to be floated. Not all are. The manufacturer will say whether it can be floated or not. And if so, how it is to be done. Some are a click system and some require being glued together. All will require being installed over a poly vapor barrier and volara foam pad. Follow the instructions to the letter. Here's a general description:
http://www.hardwoodinstaller.com/hardwo ... loater.htm
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Would I have to sand down the floor or could I get away with using some kind of underlayment material under the plywood?
Underlayment
UNDER the plywood? Ok, IF the subfloor is all uneven, then it will need to be flattened by sanding. You need a nice flat subfloor to install hardwood (or bamboo ) over. If it is just slightly uneven, you may get away with just installing some plywood OVER it, not under it. Then sanding any spots in the plywood that are out of spec. Here's another brief discussion on subfloors:
http://www.hardwoodflooringtalk.com/dis ... -floor.htm