I would agree with PsychoSaysDie and ksampanna. More or less, OEM laptops can't be upgraded by the average consumer. The CPU is likely soldered directly on to the motherboard (which would require fairly special equipment to remove and re-mount), and I don't know if the GPU would even be accessible.
Also... from a quick search, it looks like that system is rocking a 1GHz Pentium III. If that's correct, you probably wouldn't even be able to find a better processor or compatible GPU for it. Honestly, the only viable option is to buy a new laptop.