The short answer is no.
While technically feasible, it is not a good idea:
1. It is not supported by HP, so there is not guarantee that even compatible parts will work. CPUs must be supported by the BIOS to work, and there is no easy way to determine what support HP has baked in except trial and error.
2. Doing so will require complete disassembly of your laptop which will be very challenging and is a good way to break things.
3. Any increase in CPU performance will likely generate more heat leading to even slower performance.
4. The i5 3360 (one of the best potential upgrade options) would only provide a small bump and costs about $250.
5. The i7 3840QM (less likely to be compatible, but does actually have better performance) costs $600.
If you really need a faster CPU, you need a new laptop. Most likely, however, you could gain a huge speed boost by upgrading to an SSD. That would be a comparatively simple upgrade providing much better performance, reliability, and battery life.