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Concrete waterproofing is typically a product which is absorbed into the surface of the substrate and protects it on the positive side-that is the side from which the water is coming. Putting a coating on the negative side will often result in failure, because water will always try to move from an area of higher vapor pressure to an area of lower, and will cause disbonding and bubbling of the coating. It sounds like you're dealing with hardwood installed above plywood underlayment, and I assume the plywood underlayment was fastened to the slab with PAT fasteners, and they would create a path for intrusion of water. The best thing to do is to direct water away from the slab with corrugated piping set in a bed of 3/8" washed stone, and wrap the whole thing in geotextile cloth. Slope the pipe to discharge (1/8" in a foot) and by giving ground water a path of lesser resistance, the slab should stay dry.
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There ain't nothin' more powerful than the odor of mendacity -Big Daddy
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