Upgrade for my kids?

This is what I'm running. I was wondering if I could update proccessor and bios to make somewhat faster for my kids to stay of my PC? If so, what bios and what processor?
Thanks Much!
Chris

anuffstuff@hotmail.com

System Information
------------------
Time of this report: 12/31/2011, 19:25:00
Machine name: PERFORMANCE
Operating System: 7 Performance Edition SP1 64-bit (6.1, Build 7601) Service Pack 1 (7601.win7sp1_gdr.110622-1506)
Language: English (Regional Setting: English)
System Manufacturer: Compaq Presario 061
System Model: RE474AA-ABA SR2023WM NA680
BIOS: Phoenix - AwardBIOS v6.00PG
Processor: AMD Athlon(tm) 64 Processor 3500+, ~2.2GHz
Memory: 1024MB RAM
Available OS Memory: 1022MB RAM
Page File: 1453MB used, 1593MB available
Windows Dir: C:\Windows
DirectX Version: DirectX 11
DX Setup Parameters: Not found
User DPI Setting: Using System DPI
System DPI Setting: 96 DPI (100 percent)
DWM DPI Scaling: Disabled
DxDiag Version: 6.01.7601.17514 32bit Unicode

Display Devices
---------------
Card name: ATI Radeon HD 4550
Manufacturer: Advanced Micro Devices, Inc.
Chip type: ATI display adapter (0x954F)
DAC type: Internal DAC(400MHz)
Device Key: Enum\PCI\VEN_1002&DEV_954F&SUBSYS_29201682&REV_00
Display Memory: 1275 MB
Dedicated Memory: 1019 MB
Shared Memory: 255 MB
Current Mode: 1920 x 1080 (32 bit) (72Hz)
Monitor Name: AOC 2243W
Monitor Model: 2243W
Monitor Id: AOC2243
Native Mode: 1920 x 1080(p) (60.000Hz)