Do you mean word processor? Yes: Google Docs, you might be able to download others from the Chromebook store. Remember: everything you write is, by default, "in the cloud," so I'd always be sure you don't put anything on there you don't want to get out.
This netbook runs the Google Chrome OS: http://en.wikipedia.org/wiki/Google_Chrome_OS
More information is available here: https://sites.google.com/a/chromium.org/dev/chromium-os
In short: this computer is designed to run entirely on web apps, so you will not be able to install and run most Windows software.
(The Chrome OS is Linux-based and does ship with WINE, so if you're a tech type you may be able to run some things using that)
I too was in a very similar position not too long ago. I dropped my computer down the stairs (stupid, I know), and since I am required to do many of my school assignments on a computer, I knew I needed something that would be able to hold me over until I had time to fix it (I'm fairly tech savvy) or get it fixed. I had $350 saved up from selling some of my old gear, and I decided on the Chromebook. It was cheap (I got the Acer wifi model), it was fast, and I used Google products already.
I've had the Chromebook for a while now, and I'm extremely happy with it. I'll definitely be taking it to college with me, and the only reason I'm going to fix my old laptop is so I can sell it. Unless you use Photoshop, Logic, Pro Tools, or other likewise type applications, you'll have no problem adapting to the cloud environment. Google Docs has improved a lot in the past few months, but even if you don't like it, you can get another word processor from the Chrome Web Store, and hook it up to your Google Drive, and have all the same benefits of the Google Docs webapp with another interface. You would have to pay for this, but from what I hear, it's worth it. There are applications that allow you to use cloud versions of Microsoft word if you're especially tied to that, so really it's a great computer for Word Processing.
I don't mean to sound like a fanboy, but I can't recommend the Chromebook highly enough. People may say that only having a browser is a limiting experience, but only because they haven't experienced the full potential of the internet. If you haven't made a decision already, go for the Chromebook. It's a great device, and most of the people who criticize it haven't ever used it.
If you have any other questions about it, just post here again. I'll be happy to answer them.
This is not Windows at all. it is Google's Chrome OS which uses their cloud service for storage and web browsing. It is instant on instant off with almost no boot up time. You should go to Youtube and watch some videos on Chrome OS and how it works so you can decide if Chrome OS is right for you. If your looking for Windows you might want to look into Surface tablets 2nd edition or get and ultrabook that runs windows 8. Hope this helps =) PS Fr windows 7 you might have to get a used laptop. Microsoft is not producing any new laptops with Windows 7 in it.
The series 5 has an Atom processor e/ 2 gigs of memory. The series 5 550 has a celeron processor and 4 gigs of memory. Some say the trackpad on the 5 550 is better then the one on the 5. These are the differences that I am aware of.