The short answer: No it can't.
The long answer:
That netbook uses the Intel GMA 3150 integrated grahpics. Max resolution from the VGA port is 1400X1050 which is significantly less than 1080p (1920X1080) so the picture won't fill up the whole screen. Furthermore, it only has a VGA output so even if your TV has a VGA port (some do, most newer ones don't) you will need a separate connection for audio. Even furthermore, the Atom processor is very weak so streaming content (Netflix, Hulu, Youtube, etc...) will be fairly choppy at higher resolutions.
Here is a website that can explain more: http://www.notebookcheck.net/Intel-Graphics-Media-Accelerator-3150.23264.0.html
Hope this helps.