I had the A500....it became quite clear to me early on, that Acer moved on and was finished with any plans for it. I kept it for a couple of years but eventually decided to move on. The fact that my neighbor offered me $150 for it sure helped my decision!
Yeah you can but you're going to have to download a suitable kitkat system. Get a new 8GB SDCARD and using your PC copy the kitkat system to the SDCARD. Insert the SDCARD into the SD SLOT. Using the volume+ button turn on the tablet with power button while holding the vol + until you get the message appear on screen. Let go of the vol + and wait 45 minutes. You may have to get the another custom ROM.