That would be very cool, if it was remotely possible without emulation.
The way I see it, Chrome is really just Ubuntu in disguise - it's a GUI bolted onto Linux, not a new OS, and it's aimed at people who only really want to look at the web.
It's an OS for the facetube and youtwit generation, and will most likely exist on laptops and netbooks. Yeah, because if you have a netbook it's because you don't like Windows. Put this way, my brother bought a netbook last week with a Linux OS - which lasted all of 3 minutes before he wanted XP Pro on it. Now it has XP Pro, and some classic games like BF1942, GTA:SA, and Half Life. This is on a netbook retailing at £150 - it runs XP incredibly well, it runs older games incredibly well, it goes online (wow) and I've yet to find an application that it can't run.
So why bother with any other OS than Windows?
The only thing Linux on netbooks tells the user is that the manufacturer avoided windows due to licensing costs. It's not like anybody actually appreciates these gated environments, telling us we're too stupid to be left alone with the PC, in case something bad happens, like a virus goes on the interweb.
People have got the wrong idea about Chrome, it's Linux masquerading as your netbook friend, your babysitter. Do you really want Google knowing absolutely everything that you do?.
Microsoft, despite their faults provide a full solution, that amazingly lets us go on the web as well as running the one or two applications out there that might not be on the web. Really it's getting to the point where google need bringing down a peg or three - These systems offer nothing new or better, so let's not get too excited about being kept in the garden by your big brother. Cryptic but I know what I'm trying to say

- Google probably though cloud computing would be all the rage by now, which is what this OS is designed for.