Can I install Ubuntu on LG P705 Optimus smart phone. I would like to install Ubuntu in my phone. Please advise if it is possible. Currently I have android 4.04
I'm sorry but this seems to be a entry level phone, on which Ubuntu currently cannot run (officially - experience may be very poor at best).
The semi-official minimum hardware requirements are that of the Galaxy Nexus, which are: Ti OMAP 4400, Qualcomm Snapdragon S4 (Nexus 4, may probably work with S3) or equal processor (LG 705 only has Qualcomm Snapdragon S1), 1GB of RAM and so on.
Devices to which Ubuntu has been ported and where images are available are listed in the Wiki, next to a porting guide.