Contrary to popular belief about hardware upgrades on a laptop, there are many internal and external device in the market today to prolong it's life. Ram and hard drive aren't the only hardware that can be upgraded. As one had commented, the video card can also be upgraded on certain models. Internal CD-DVD drives, LCD's, CPU's, LAN cards, modems, can be upgraded on many laptops. As for sound, there's the external Sound Blaster Extigy that proves worthy. There's a plethora of pc card gadgets out there that will drive you crazy. Also, get to know more about the innards of your machine, you'll be surprised, what you thought could not be upgraded, can.
Here's what I found, If you are dealing with industrial and consumer video editing, you can use the Thinkpad's S video in and out to capture video and burn it to disk. For high-end digital video editing, I recommend getting an ADS PYRO 1394 DV card or DV Express II. There are Pentium III CPU's over 1 GHz available for this series. I believe the maximum memory is 512MB, which is still ample. If yours came with a CD rom/DVD rom, replace it with a internal or external one. Since the system comes with a single USB port. The solution is to buy an expansion peripheral that lets you have up to 4 additional USB ports and also keyboard and mouse ports.
Don't believe the hype