In line with
dave_the_nerd's advice, you may be able find out which CPU's your motherboard supports. It's a bit tricky, but you can search HP's site for HP's part number for the motherboard in your machine. Then, do another search by the part number. You may be ble find info about other HP models that use the same motherboard with a more powerful CPU.
Consider that you can buy new laptops with more power than your machine for around $300 so the cost of the upgrade may not be worth it compared to selling your current machine and investing in a new one.
One inexpensive thing you could do that may gain some speed would be to add some RAM.
The specs for your machine say that it has 3 GB of RAM and is running the 32 bit version of Win 7. Of that 3 GB, up to 1 GB is used by the video sub-system.
The 32 bit version of Win 7 can "see" a maximum of a little over 3 GB of RAM. Anything more is ignored by Windows. However, the video system uses RAM independent of the OS so, if you bumped the RAM up to 4 GB, the RAM used for video would come from that excess memory above 3+ GB, leaving the maximum amount of RAM the system can use available to Windows.
As
dave_the_nerd suggests, an SSD would speed things up, but again, the cost could be more than it's worth, and you'd be better off investing in a new machine.
Hope that helps.
