You can't install word, but I signed up for a free Skydrive account from Microsoft and I use that. Skydrive has a web version of Microsoft Word that works fine for everything I need. You can store your files there as well. You get 7 gb of space. Google docs works as well, but if you need 100% Microsoft file format, Skydrive works for that.
Go to the Chrome web store and search for "skydrive" and add that app to your Chrome browser. Once signed in, it allows you to use an online version of Microsoft Word, PowerPoint, and Excel which basically look just like the software desktop version. Hope this helps you.