is there a possibility of increasing cpu speed?

There is a method called overclocking that will increase the speed of your processor. However, it is for advanced users only and voids your warranty. Only someone that really knows what they are doing should overclock their processor.

If your computer seems to be running slower than it used to, that's not a problem with your CPU it's a problem with your operating system and file management system (fragmented files), primarily.

If you mean is there a way to make your CPU run faster than it ever has, that is known as overclocking and there are some very real risks to doing that (one of the most notable is literally burning up your CPU due to excessive heating) if you are not familiar with the process and the procedure to do it on your specific CPU and system.

Depends what you mean by slow. If it's slow in the operating system then you really should consider upgrading because overclocking won't help you much. However if it's just an application go straight ahead.

First of all you need to consider these.

1. Knowledge about overclocking

2. Does your computer support it - example, can you change the voltage of cpu? That also means the ability to reset a bios.

3. Cooling - Is it effective for the speed you want to set it at keeping in mind the amount of heat. If you are going to get better cooling you are better off getting a new processor because cooling costs money too.

4. CPU margins - Does it have specifications that imply that it is even feasible to overclock.

5. Acceptance of risk involved.

Also be sure it's the cpu that's making your computer slow. Even if it is you would be better off upgrading anyways. Because all that says is that your cpu is out of date and won't go much further. Besides you can get probably get cheap one that is faster.

Please note: I am referring to the processor when you mean cpu. If you asked how you could increased the frequency then I may have been more descriptive. Many people (you would be surprised) think cpu is another way for saying computer. In this case it may not even be your processor.

overclocking is one way this can be acheived but overheating is a severe problem here

If your computer is running slower then you think it should, yes overclocking is one answer, but I would virus scan it, and depending on what operating system you are using clean it up. If it is XP I would definitely run Disk Cleanup then Disk Defrag to clean up most of the crap. I would even do that on Vista, but Windows 7 does a way better job at managing things and even though I download crap constantly I only need to clean it up once year. I would run a barrage of virus programs for sure to make sure everything is running ok and you have not been infected with some sort of virus.

try some overclocking, try to search for a bios mod with the corresponding cpu you have. It's also easy to mod the bios to get more voltage in there.

Also if you have a laptop i don't recommend doing this at all. And if you have a desktop make sure you have enough stock cooling in place.

What you want to do is called overclocking. Overclocking is the process of running a computer component at a higher clock rate (more clock cycles per second) than it was designed for or was specified by the manufacturer. This can greatly decrease that components life. If you think you know what your doing you can download CPU-Z from here http://www.cpuid.com/softwares/cpu-z.html. If you want to overclock your graphics card download this http://www.techpowerup.com/gpuz/.