The only thing you can do is upgrade the CPU to a faster one. You must make sure your motherboard supports the new CPU, that your current RAM and power supply are also compatible.
Typically you can find a compatible CPU easily unless your computer is older than a few years or so guessing.
Your better off to add more RAM if you have a free slot, or replace one of the modules with one that has more capacity. Upgrading RAM is the easiest and most cost effective way to increase a computer's performance. When upgrading RAM you have to make sure you don't exceed how much RAM your motherboard can address.
The average person isn't going to have enough knowledge or skills to upgrade their computer's CPU, not that it's all that hard really if you take a bit of time to learn how.
I'm not 100% sure I understand what this question is asking, but if taken literally, there is at least one thing one can do to improve a computer's CPU (the central processing unit)--the brains of your computer.
You can "overclock" your CPU. Most commercially rated CPUs are tested to run at some clock speed like 2.8 GHz. The higher the speed, the faster the processor, and thus the faster the CPU can compute things. Some BIOS allows for changing the clock speed.
Unfortunately, there is a price for overclocking. Provided you are able to overclock your CPU (through some BIOS setting), and your computer doesn't become unstable, you may have to cool the CPU. You see, when you push a CPUs clock, it tends to generate more heat. There are products that will allow you to do this.
This is what a tinkerer might do, but normal people should just buy a new and faster computer if they think their old one won't cut it anymore. However, there are some things you can do to make your old computer run faster.
If you want to see what you can do to make your computer go faster, check out my hub on Understanding Computer Performance Fundamentals (http://goo.gl/yYRN7).
I knew when I answered there was something I wasn't thinking of.. Overclocking, duh. Great answer, voted up. I do still think upgrading RAM is the easiest, cheapest and most risk free solution for the average user though.
As the other have said, upgrade your CPU to a later model. There's no way to upgrade your current CPU except for overclocking - which I would advise against if it's an already old processor.
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