You can also keep ChromeOS and just boot into Linux when you want to. Here's the guide I used back in Jan '14 to do it on my Acer C720 : http://lifehacker.com/how-to-install-linux-on-a-chromebook-and-unlock-its-ful-509039343
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Yes, the chroot method can be a great option as well! Thanks for mentioning it! That was actually the first method I used to install Linux tot he C720P. Ultimately, I found myself spending most of my time in Linux, so I decided to save system resources and cut ChromeOS out of the equation. Definitely a good option though!