Go to your local library and see if they have the Book and / or DVD of Router Joinery by Gary Rogowski.I should clarify, finding a way to cut, say, a 1/2 in deep 3/4 tall female side would be rather easy. How does one go about making the matching male?
He uses simple techniques on his router to achieve complicated tasks.
I think the"trick" of flipping over the stock that Dave Paine mentioned above is covered quite well.
One other thought:
Since the stock is an actual two inches thick, and you are thinking of using it for flooring, have you thought about having it resawn?
Then you would end up with stock that is - around 7/8th thick I guess - depending on how much stock is lost due to the kerf of the bandsaw.
If you use 1-7/8 lumber for flooring, then your floor is probably going to be higher than the floors of the adjacent rooms, won't it? Will your door open to the room? Will there be an annoying "rise" from the hallway into the mancave?