What to do with tounge and groove interior wall siding?

I will have quite a bit of this at my disposal, nail holes, outlet cutouts, and all! The surface is pretty beat up, and some has slight water damage. Is it worth trying to make something with this? It is a very hard and heavy wood, my friend thinks its pine but I'm not sure...
Also, if I was going to make table top, should I retain the tongue and groove or rip it off? I would have to route the board edges so they fit flush.
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