My living area is a little bit wavy in some areas. Will I be able to install laminate flooring or would a pliable floor cover, like carpet or linoleum, be my only option?
You could probs make it work so long as its not to extreme
It's possible to install it and have it look decent, but in time the space under some of the flooring will result in visible cracks and seperations. If you're dead set on laminate, just start by using a concrete based floor leveler to fill in just the low spots. A decent home center will have everything you need, the concrete leveler and additive runs about $20 and $8 respectively.