External GPU for a Laptop

I want to hook up an external GPU to my laptop. It's a Dell XPS M1530 from 2008 (or 2007?). Right now I have an Nvidia GeForce 8600M GT. I don't know much about external GPU's for laptops. Do they work? I have an external monitor if I need one.

Right now the only one I have found is this:

http://www.villagetronic.com/vidock/index.html

Does anyone know if this will work with my XPS? If I purchased this, would I be able to hook it up to my laptop and put a Radeon HD 6850 GPU in it? Power would be a problem, so would an 80+ certified 500W power supply be sufficient? How would I do all of this?

The bottum line is that I want to use an HD 6850 graphics card and an external monitor for my laptop, but compatibility is an issue. Does this ViDock work?
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