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.
I would just cut the pipe 10" above the floor and go to a home store or plumbing supply and get the PVC fitting to reconnect the existing pipe to your sink. If you try to twist it you might damage it beyond repair and then you could be in some trouble...
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.
As it turns out, the pipe was soldered into the sleeve.