I am a Canadian citizen, born and raised.  Both my parents are
Canadian, born and raised.  My grandmother is British, born in Craster
England.  She moved to Canada after World War II.

Is it possible for me, as her grandson to acquire british citizenship,
a british passport, and/or British status?

I know I could apply for work permits and such...but am looking to use
my grandmother's ancestry for the aquisition of status.  She is still
alive and has her documents.

Thank you!

This is possible... so long as you have proof of a granparent having
been born in the UK... you can apply for a UK Granparent visa which
allows you a 4 year working stay. At the end of the 4 year period of
residence, you are then able to apply for British citizenship.