Dilbert: I technically don't have the experience to change out the processor since I've not done it for a laptop. I have however, built 3 desktop computers and swapped multiple components before. I also managed to find a replacement guide on Compaq's website that showed the order in which to remove screws/pull plates/etc to get at the processor. Oh, and the memory is not the only thing that's a ripoff on that site. Check the prices they demand for some of the processors. It is, however, a good place to check for compatibility.
Cynthetiq: I found the processor on Ebay (a working used from a several thousand feedback seller) for about $130. The only major question I have right now is whether or not the new processor is enough of an upgrade. The learning experience alone might be worth it, but I have to be sure.
