No.some html5 web apps support local storage, but that is your lot.
If you *need* locally installed apps you can use a chromebook to remote desktop into another computer, which can go some way to working around this limitation.
For office apps, both Google and MS have decent online options.
Also Microsoft has announced that Office Online will not require Silverlight and be fully HTML5 which means...Full office on the web for use Google Chrome guys! That is really exciting because that is one less reason to use Citrix for some users.
I downloaded the trial of Office 365 today to see if it was a viable Google Docs alternative.
What a cluster F! Syncing and getting your coworkers to download this pig is an IT nightmare. Keeping Lynx running in the BG is annoying.
If this is Microsoft's solution to Google Docs, good luck to you Mr. Gates.
Stay out of our clouds and keep all of your apps local.