In this guide : http://www.linux-kvm.org/page/RunningKVM
It says "If you are using a recent kernel (2.6.25+) with kvm modules included, boot into it"
What does it mean boot into the kernal?
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Ubuntu (and other distributions) can have multiple kernel versions installed but you can only (directly) use one at the time. The version is selected by the bootloader. I'm not sure if this applies to Chromebooks but on a normal PC, you'd hold Left Shift before Ubuntu loads and that'll show you the Grub bootloader and give you choices about which Kernel version you'd load.
But that's all academic for your purposes.