Well, this notebook is quite old due to rapidly changing of semiconductor's world. It's equipped with a budget CPU and few of RAMs. Sometimes, it's just not quite good enough for everyday usage. However, it's still in a great shape; why we have to buy a new one while upgrading some components can extend its life for at least a few years. Yes, I know that this days you have choices of budget notebook for less than $400, not including popular netbooks though since that's not in the same category or target.
How about spending about $75 and getting a decent performance from your old laptop sound to you? It's good, isn't it?
This time, it's time of Compaq Presario V5000, 2004-2005 model, packing with AMD Sempron and 512 MB of DDR-333 RAM. To boost the performance, we have to max these 2 main factors. For RAM, it might be a bit hard to get a good deal since this is DDR-333, not currently DDR2. But you will be able to grab 1GB stick for around $30 with a bit efforts. For CPU, in this case, the only choice you have is upgrading to Turion64 series, at the time I'm writing, I can find a deal for AMD Turion MT-37 for $45 on eBay.
Note: MT uses lower power than ML and DDR-400 is fully backward compatible, it just ran at lower frequency here, but possibly better timing than normal DDR-333
Now it's time for finding these two. Remember, finding old stuffs, eBay and Google are your very good friends. For me, I already have a spare Turion MT-37, so let's begin.
Most of budget notebook doesn't require any knowledge to take them apart, besides unscrewing. So, turn it around and take them all out! -- just keep them in a good place. They are tiny and very prone to be missing. Also, you have to know that notebook doesn't build to be modified really, so don't rush doing all these steps. Although it looks fragile, it's quite tough with little care.
Easy with the hard drive, once you drop it, it's gone. Such a fragile part in solid chassis. *here is another significant factor effecting the performance, but in my opinion it's not worth paying around $100 getting 7200rpm 2.5" IDE hard drive for such a old lappy.
First, the top panel, if you find difficulty taking out, use your very thin card and try each side. Slowly and patiently--don't force it too much, you don't want to break the lock. I'm pretty sure.
At this point, you will be able to pop the new one in, don't forget silicone (arctic silver is recommended, but don't put too much since the older CPU package reveal core solely and spilled arctic silver is not a good idea indeed) Be sure that you wipe out the old silicone on the heat sink, it's not a good idea to leave it since when you applied this back on CPU (+new silicone) you will have a lot of spill and non-unified thermal conductivity.

Comments
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These specifications are very necessary to explain worth of any lap top. Being a software engineer one has to be very perfect in microsoft training and this is quite related to its accessories.
memory
how would I install another memory for my laptop?
In the picture 3, there is a
In the picture 3, there is a memory shield on the right of WLAN card. You have to remove the screws and take the shield out. Then you will be able to install RAM.
Hope this help.
replacement screen
my screen cracked and i got another one and installed it. but the screen is still blace, but when i hook up a monitor to it, it works. so how do i get the newly installed monitor to display?
you said: Be careful with
you said: Be careful with these antenna wire while you are taking things out. It could be damaged easily.
have you had this problem before? because i think i might damaged the
antenna wire. What did you do? can i replace it? or fix it myself?
I never have that issue
I never have that issue before, but one of my friends had that. He broke the wire since it was so fragile. As a result, he bought a new wire and installed it.
It worked out fine, but to install new wire, you have to take apart the screen too. That's a load of work but you can do that yourself.
In your case, how bad was the antenna wire? If it still looks fine, try it first.
I also have a Compaq Presario
I also have a Compaq Presario v5000us and was considering an upgrade when saw this page. Looks good. The Thermal Design Power ratings of the stock chip that this laptop comes with (Mobile Sempron 3300+) is 62W according to Wikipedia (http://en.wikipedia.org/wiki/List_of_AMD_Sempron_microprocessors#Mobile_...). So, you should be able to upgrade to the Athlon 64 Mobile series as well (http://en.wikipedia.org/wiki/List_of_AMD_Athlon_64_microprocessors#Mobil...), which is around 62W TDP.
I'm wondering why you decided on the low power MT line (as opposed to ML line) of the Turion 64 series? They have a TDP of 25W compared to the previous thermal design power of 62W!! Did you see significantly longer battery life after making the upgrade? Or was the choice primarily due to price?
Yes, the price was the main
Yes, the price was the main factor here since I could find the deal much lower on this CPU and the performance is acceptable comparing to others. Battery life is about 30-45 minutes longer than it was--using Sempron. It's quite a good update :-P