You're in luck: the answer to this question is most definitely. I've extended the years of use on this netbook by many years by upgrading it piece by piece. I've worked extensively to mod this personally, and I can attest you have one of the most DIY netbooks that I've seen (I'm using my LT3103 to write this now). Here's what I've done, and you can, too:
-Upgrade the CPU. You can install the faster, single-core TF20 processor without issues. I've tried the TK-42, but it just wasn't very stable (though it was quite zippy). Your best bet is probably what I'm using now: the L310. This is the dual-core version of the CPU the unit shipped with. There is an L510 that I haven't tested, but I do not believe it is electrically compatible.
-Upgrade the RAM: You can get a single, 4 GB DDR2 chip for this guy for less than $70. It's served me well.
-Upgrade the drive: You can, of course, install an SSD in place of the pokey HD the unit ships with. I used a OCZ 60 GB drive and supplemented storage by using the built-in SD card reader with a 32GB card.
The hd and ram are the easy part, of course. You'll have to completely disassemble the machine to upgrade the CPU, but it's not too bad at all. The post is a year old, but if you're still interested, post back and I'll point you in the right direction.