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Yes and no. Chrome is Goole’s version of the Chromium OS that ships with OEM machines. But, sure, you can install Chromium and get a feel of the OS, albeit without a few things built-in as they are in Chrome, such as Flash and Google Talk. Chromium is an open source OS, and you can find it freely available, BUT it isn’t a super simple installation. You need Umbutu and a 64 bit system for starters. Check out the Chromium Project page for more info.
The quick start guide will show you the steps you need to take for a build/install, and you can decide if you want to go through with it.