Probably not. As with just about any laptop, it's usually incredibly difficult (if not impossible) to upgrade the major components like the CPU, due to:
-- components being soldered or hot-glued onto the board
-- extreme difficulty in disassembling/reassembling the laptop case & internals
-- tendancy for laptops to use particular types of processors (i.e. low-power variants, specialized socket types, etc.) that makes it extremely difficult to find an upgrade CPU that will match them.
For example, based on your listing (core i5, 2.3GHz core speed, Intel HD 3000 graphics), you probably have either the i5-2410M or 2415M. The primary differences between the 2 models are the socket types (2415M is solely BGA-1023, 2410M comes in BGA-1023 or Socket G2 types) & the integrated GPU clock (2410M goes from 650-1200MHz, 2415M goes from 650-1300MHz), with everything else being identical (dual-core, 256kB L2 cache per core, shared 3MB L3 cache, 35W TDP, Sandy Bridge architecture). There are some later Ivy Bridge CPUs that might be able to work, due to the same socket and TDP (i5-3210M/3230M/3320M/3340M/3360M/3380M) that bump up to HD 4000 graphics & have faster clocks (2.5 to 2.9 GHz), but there's not going to be a lot of performance boost there. Also, that's about as far as you can go, as Socket G2 has been replaced by Socket G3. And, again, the issue with taking the laptop apart, hoping you can fit the new CPU in, & then hoping you can put everything back together again.
Your best options are either to see if your MacBook can add additional RAM (more RAM = less time for video encoding), or save up to buy a brand-new MacBook.