Given that it has an ARM CPU, WIndows is totally out of the question.
Linux however tends to work really well on Chromebooks, especially Ubutnu and the process to install it is very well explained such as the guide here:
https://www.linux.com/learn/tutorials/795730-how-to-easily-install-ubuntu-on-chromebook-with-crouton. Doing it this way not only leaves ChromeOS totally intact, it also allows you to switch between ChomeOS and Ubuntu with a simple keyboard shortcut and therefore no rebooting! More technically it runs Ubuntu in a chroot jail.
From what I've seen it runs really well given the spec of the machine. The only thing to bear in mind that it is an ARM CPU so Intel only binaries won't run on it so you may find yourself needing to compile some applications from source although this is unlikely to be a big deal, especially with devices such as the Raspberry Pi making ARM binaries for Linux more common.