As Steve says, and I totally agree with his reasoning, DON'T paint the floor.
What you can consider in the mean time is the following: 1) Do nothing. If the floor is in 'OK' condition, leave well enough alone until you have the $$$ to install the new floor. (In the meantime, search the WEB or buy/borrow/'get-your-hands-on' on literature that describes the floor installation process, especially if you plan on doing it yourself.) If you want to do this yourself, see DIY Lesson for information on how to join 'the club'. 2) Lay 'something' overtop of the floor (or damaged area) for now. There are lots of remnants at carpet stores for such a purpose. 3) Rip up the old floor down to the sub-floor (or whatever.) THAT might be in better condition than the 'old' floor you're walking on now. If the sub-floor (or underlying layer) is in good enough condition, you can walk on it. Then, later on, you can 'replace' it or go over top of it with a 'thin' substrate before you lay down the new floor. IF you decide to rip up the old floor, now is the time to screw the sub-floor to the joists! That will dramatically reduce the squeeks if you have them. Remember, if you also go this route, if there are any gaps in the flooring underneath, dirt and dust will make its way between the cracks and to the 'room/floor' below. (YOu can temporarily tape the cracks or 'stuff' them with paper or insulation.)
Other than that, ... My best to ya and hope this helps.