There is no way to speed up that laptop, it has a slow CPU and a slow video card, and without increasing RAM you really can't do anything unless you have viruses on the thing. Then you'd want to do a virus and malware scan.
A clean setup of Windows can speed things up some, but don't expect miracles.
Never buy just the cheapest laptop you can, you can't upgrade them nearly as easily as desktops, you are stuck with what you have till you get a new one. The only time you would buy a really cheap portable is if you know exactly what it's limitations and capabilities are.