I think that those are powder post beetles or something like that - we had them at my parents house. The beetle eggs were in the wood for 25+ years before they came out. If I remember correctly, to get rid of them the exterminator had to bomb the house a couple of times. Are you sure that they just in that one place/board? Remove/replace may be the way to go, especially if it is an inconspicuous area. We had them in hardwood floors throughout the house, but they would just be in one board here and there.
http://en.wikipedia.org/wiki/Powderpost_beetle
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