I have just tried it using VMware and its amazing. If you want to try following are few simple steps...
Step 1:- Download VMMware Player. You can use Virtual Box (by Sun), Which can be downloaded from http://www.virtualbox.org/wiki/downloads
Step 2:- Chrome OS Image (.VMDK), can be downloaded from following location http://gdgt.com/google/chrome-os/download/ (you will be required to create a free account).
Step 3:- Loading Image, is very simple. Jut run the Virtual Box and create a new Virtual Machine. You can use pre-configured template of Win XP. In hard disk option add the Chrome OS image which you have just downloaded. It will be a zipped file, which you need to unzip first.
Step 4:- Running Chrome OS, Congratulations you have finlay configured it, its show time :). Select the Virtual Machine you have just created and click Start button.