Short answer: Yes, but it is not worth it
Little bit longer aswer: Your cpu is not powerful enough, but if you want to buy the gpu and the dock (your laptop won't be mobile anymore, might as well get a desktop.
Here is an awesome overview from life-hacker:http://lifehacker.com/5851902/turn-a-low-powered-laptop-into-a-gaming-machine-with-an-external-video-card-dock