craftgrrl | help! restoring antique furniture!

Hey kids, i need some help. I have a pretty antique vanity and a dresser set that are about 100 years old or so. I think it was repainted once a very long time ago (white) but now that paint is chipping and yellowed and coming off. They are both made from pine.

What I am wanting to do is restore the two old pieces of furniture to match my new room, and restore the natural beauty of the two pieces.

My questions are: How would I go about doing that? Would I strip it or is the wood too old to do that to? Should I just sand it instead? How would I get it to resemble a rich cherrywood/mahogany colour? What kind of finish would go on it?

Any help at all would be much appreciated since I have never done this before and really dont want to ruin these beautiful pieces of furniture.

Thank you!