You haven’t given any of your current specifications but the RAM can be upgraded to 4GB DDR2 PC2-6400 (2x2GB - a pair is better than one 4GB) and the SATA hard drive to an SSD. Just noticed that it has an option for a second hard drive so your old one could be used for extra storage space.
For example:
https://www.crucial.com/usa/en/compatibl...
but other sources are fine.
It has a dual core processor which is good.
It can also be upgraded to Windows 10 for free if it has a legal Windows 7 or higher.
Newer drivers will also help.
So yes can be ‘semi-rebuilt’ as you put it. DELL has manuals for it on their website.
I would not try to play any games on it but would be fine for work.
Please ask if you have any more questions.
Re: Fan
The fan going constantly could be a software issue such as a driver but again upgrading RAM to 4GB, a SSD SATA drive and finally upgrade to Windows 10 would probably do the trick.
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