[Build Help] Is it possible to upgrade an older laptop so it can function like a laptop nowadays? Details inside.

I'm new to this entire thing. I currently have a Toshiba Satellite A505-S6970 laptop that I bought four years ago. It was good at the time, but obviously the world of technology moves extremely fast so it's out of date. My question to you guys is this: what can I do to upgrade this? I'm currently running Windows 7 on this. My personal preference is to not have to buy a whole new pc if I can upgrade my current one for much cheaper. Just ask if you need more information. Like I said, I'm very inexperienced building PC's. Thanks!

Specs:

ProcessorIntel Core 2 Duo T6500 / 2.1 GHz ( Dual-Core )

Memory4.0 GB / 8.0 GB (max)

Hard Drive500.0 GB - Serial ATA-150 - 5400.0 rpm

Operating SystemMicrosoft Windows Vista Home Premium 64-bit Edition

Display Type16.0 in TFT active matrix

Max Resolution1366 x 768 ( HD )

Graphics ProcessorATI Mobility Radeon HD 4570 HyperMemory

Optical DriveDVD±RW (±R DL) / DVD-RAM - Integrated