There's always something you can do.
Your upgrade possibilities, as I see them, with benefits/drawbacks:
SSD instead of HDD - much faster storage - but, very expensive if you want any sort of capacity.
Faster HDD - faster storage access - but, could be expensive, could also be loud.
Quad core CPU - faster for multiple tasks or multi threaded programs, the computer will possibly feel more responsive - but, could be expensive, cooling might not cope, motherboard might not support it, PSU might not be up to it.
Upgraded graphics card - faster 3D performance - but, could work out expensive to get a decent upgrade, cooling probably wouldn't cope, PSU probably wouldn't cope.
64 bit OS - 64 bit applications will run faster, OS may feel snappier, ability to access more RAM - but, some programs and hardware may be incompatible.
Upgrade RAM - computer may feel smoother - but, probably wouldn't notice any actual performance increase except on very demanding apps (e.g. working with massive images in Photoshop whilst encoding a video or something) and you'd need a 64 bit OS to use any more RAM.
Does that help?