You could install Crouton on it to run Linux probably.
Chromebooks are really geared more towards users who just require the very basics from their computer. Email, social networking, surf the web. Once you start getting into multi media they're not very practical. Just finding basic software for graphic design is difficult, let alone recording and editing music or video.
Not sure if I'll get through the summer without breaking down and buying a new laptop, but I thought it would be fun to try, and see exactly what I an get out of the tiny laptop!