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You can absolutely put a window unit with an old metal storm window frame. As for the gaps, as others have said, you fill them with foam. If it's over 2", you might want to put in a piece of board (go to Lowe's and ask for help). I do agree with the duct (not ducted) tape idea. Foam, then duct tape over. Duct tape comes in colors now so you can match it to the window frame.
As for the in-room, free-standing AC units, they can work if you have the right size BTUs for the area and if you seal the window portion. It uses the same principles as sealing around the window unit - foam, tape.