I very highly doubt that. A 233MHz laptop is about equal to a 50MHz desktop. Laptops age much faster and get really slow. The high spot on this laptop is actually the 256MB of RAM, usually you will see about 64MB with a 233MHz processor. If an Athlon XP lags at 3D modeling, this isn't going to get anywhere. Unless you got some crazy program that works with old systems w/o lag.
I personally wouldn't invest a bunch of money in the thing. If you can't find a good use for it give it away to someone that needs a mobile system, but can't afford anything.