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A: As a small void leveler it would be fine (not feathered), but if a nail hit it, it would shatter. It won't flex, so a long span would likely also fail. Under a floating floor with a pad or carpet, likely no problem.
A: Absolutely not. It is intended to fill/repair smaller areas, and not be exposed to significant moisture. Fabulous with painted wood when fully cured and primed. The method suggested for removal is to soak it.