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Mobile phone technology has been growing rapidly. Nowadays, we have mobile phones with the same configuration as a Pentium-1,Pentium-2 processor + 1 GB Ram 20GB Hard disk as we had a few years ago for Desktops.
For eg: I have just ordered for Galaxy S-III, which as 1 GHz CPU, 1 GB RAM and 16 GB Permanent storage.
So, my question is : can we format (same thing as we do on a Desktop) such mobile devices and install whatever OS (Android only for now) we like ? If so, I would like to install latest Android version on my mobile. Similar to the CD-Rom drive that can hold the OS that we are going to install on our fresh Desktop, for mobile devices can't we use any USB storage drives that has the latest Android (installation source) ?