In this picture we have wooden panels on walls, refreshed with white and grey paint. Shabby wooden floor works so great in contrast with clear lines and surfaces.
On this walls wide wooden planks are used, and painted off white. It's a cheap solution and looks very rustic / primitive, just about right to balance vintage elegant furniture.
Here's one great shabby chic interior with wooden floors and walls. Now, this would look completely different if the wall wasn't painted white. We can see a very bold choice for the floor paint, but it worked very well, and created more interesting space. Good thing with this is that you can easily go back - if the stripes didn't work they could just paint the brown stripes white.
In this modern design wooden wall is used as accent. Floors are also wooden, but the pattern is very different, so you can see that wood patterns do not have to match in interior. The wood chips on the wall are of the same grey color and length, but their depth is different so they create an interesting pattern on the walls.
With wood we can achieve just any look we want - classic, modern, shabby, bohemian, traditional, country... . It's so versatile, and it's up to us to try and see the beauty in it, especially if you have one of these outdated wooden walls. I hope this will inspire you to take the brush and a can of white paint, and remake / refresh / update your living room, too.