Hmmm. I've never heard of a floating plywood floor. Not sure that would even work, especially if you have some cracking and unevenness.
Anyway, there are a few important considerations before you do anything.
1. Is the floor sealed?
2. Is there a moisture and humidity issue? make sure this won't be an issue, otherwise, this will be pointless
3. Is your floor even? If not, I would consider leveling it (e.g. use self leveling cement).
Assuming you've taken care of 1, 2, 3 and assuming there are no height issues, then I would install plywood subfloor (w/ hilties) for most secure installation and then nail the hardwood into that. That's your most secure option - not the cheapest and not the easiest, but definitely the most secure.
Debbie Gartner aka The Flooring Girl
http://TheFlooringGirl.comWestchester County, NY