i also don't know...... i guess then he could order the best processer for his laptop and fix on his motherboard with solder i guess...... like assembling a desktop computer
if OP doesn't wanna do anything dangerous then he could try increasing his ram upto 3gb and hdd upto 500gb and the system will run smooth and quite quick for basic applications...
And play gta san andreas on it
Atleast, I don't think it's that hard to replace a processor. As far as I've seen the internals of my Dell, most of those things are there in tiny sockets, where the things are required to be inserted in and then screwed upon to secure them at their places. For example, the wireless chip, the bluetooth chip, etc, all are to be inserted in sockets, and then secured with screws.
Don't know what HP does with Compaqs, but, I do't expect that to be much different then Dells.