That last bit is a lie, sorry.
But it really does download Chrome from Google's servers so you don't have to have a local install.
NOTE: This topic contains out of date information that should not be followed. Please check the new(er) topic instead: https://portableapps.com/node/17360
[Edit: Updated to download 0.4.154.23, which has a fix for a bug which causes frequent crashing for some users.]
[Edit 2: Fixed bug where copying a local install wouldn't work.]
[Edit 3: Updated to download 0.4.154.25, a beta-channel release. Also a note: I just noticed recent releases of Chrome include no spell check dictionaries. Instead they are downloaded on-demand as needed... I could try and make the installer download 'em too but maybe some other time. Chrome will only download 'em once anyway (well, the English dictionary appears to have had one update, so possibly once every update).]
[Edit 4: Updated to 0.4.154.29 to fix a security vulnerability in Google Gears. Also plugins will be preserved when you update an existing Google Chrome Portable installation.]
Downside is, based on how Google organizes their downloads, I had to link it to a specific version. But, I kept the local-copy option in so you can do a local install of newer versions and then copy it with my installer automatically.
Also by default, now when running Google Chrome Portable, your profile will be copied to the local computer temporarily, and copied back (unless running from a CD or DVD) when it closes (sans Cache). You can disable this functionality by creating a GoogleChromePortable.ini file in the same directory as GoogleChromePortable.exe and putting the following in it:
I also fixed several smaller bugs... now it uses the proper Chromium icon, fixed the appinfo.ini having just plain wrong information in it, and fixed several straggler registry keys that Chrome used to add itself to the "Open With" menu for HTML and HTM files.
Here's the download:
Let me know if you run into any problems, I tried to test it as thoroughly as I could.