Motivated by a collection of experimental results indicating the strongly correlated nature of the ferromagnetic metallic state of CrO2, we present results based on a combination of the actual band structure with dynamical-mean-field theory for the multiorbital case. In striking contrast to LSDA(+U) and model many-body approaches, much better semiquantitative agreement with (i) recent photoemission results, (ii) domain of applicability of the half-metal concept, and (iii) thermodynamic and dc transport data is obtained within a single picture. Our approach has broad applications for the detailed first-principles investigation of other transition metal oxide-based half-metallic ferromagnets.