I am assuming that this late 1940s, early 1950s, drain pipe, which goes into a pipe protruding up through the floor, is simply sealed there with putty. Is that correct? Should it be dislodged and removed by twisting the drain pipe a few inches above the connection using a pair of channel-lock pliers? The threads for the trap are completely corroded and it needs to be replaced.
Channel-lock pliers probably won't do the job. You'll need two large pipe wrenches--one to turn the pipe and one to secure the sleeve so you don't tear it loose on the other end. Lefty-loosey.
After all that time they're probably good and stuck together. If you can't turn it initially, heat the sleeve with a plumbing torch, trying not to heat the upper pipe. This will cause it to expand and hopefully soften and release whatever gunk was used to seal the threads.