There are several things you can do to increase the performance of your laptop - or any computer for that matter. They are roughly, in increasing order of difficulty/expense:
1) Maxing out your RAM. Your model maxes out at 320 megs, find out how much memory you have, and if you can, buy a larger sized RAM chip and install it.
2) Installing an larger/faster hard drive. Stuck with the original 6 G hard drive? Always have to delete files in order to make space for new ones? Having a larger drive with some free space does wonders for your speed. Also, the newer hard drives spin faster, which equals faster access to the data.
3) Installing a new OS. Stuck with Windows 95/98/ME? They may not be the most efficient OS available for you. Windows 2000 is generally regarded as the most stable Windows OS, but there are a lot of fans of the newest - XP.
4) Upgrading your CPU. This is probably the hardest thing to do - not because of the installation issues, but because the CPU for your laptop - Pentium III 500 MHz, can be upgraded to the Pentium III 850 MHz chip - which is now hard to find.
Clean up your hard drive, max out the RAM, consider upgrading to a newer OS , or a newer/larger hard drive.
Or, look at the price differential from buying all these things, versus selling your laptop and putting a little more in to a new laptop.