How to install Android CM7 on HP TouchPad

First of all, do not be scared to do it! It is simply a 10 minutes or at most 20 minutes journey. Android rocks! You will not lose your WebOS, it is still there, what you have will be a touchpad with dural boot system:  Android+WebOS, you can swithch between easily.

Installation of Android CM7  Cyanogen Mod

Step 1: Backup all the important files on your TouchPad!!!

Step 2: Download CM7 Alpha 3, unzip it to your C drive root and put it in directory Android 
             C:\Android


Step 3: Connect your touchpad to your PC as an External Storage device, create a folder
              "cminstall" in the root of your TouchPad.

Step 4: Disconnect your TouchPad, reboot your TouchPad and hold the Volume up (not down
             side) until you see a USB icon on the screen.

Step 4: Open the CMD window on your PC ( start=>run=>cmd), then after the command
              prompt, type the following commands, eg. if you have the command prompt under the
              directory of C:\Users\Your-user-name>:

              C:\Users\Your-user-name>:  cd C:\Android
              C:\Android>:  novacom boot mem://<ACMEInstaller

Step 5: The installation will start and leave it alone until it finishes.

Step 6: Enjoy your Android but you still need one more action: install Android Market which I
             will show in the next post.

You may find more useful info. from:

CM7 Original thread: http://rootzwiki.com/topic/10121-releasealpha3cyanogenmod-touchpad/

A good source to refer to:  http://reviewhorizon.com/2011/10/how-to-install-cyanogenmod-on-hp-touchpad/