You can use a faster Turion, but the main reason for the games being slow is probably not the CPU, but the video chip, which is not upgradeable.
You'll have to locate and install the CPU on your own - Dell doesn't do upgrades. Keep the original CPU for the duration of the warranty, as the new one won't be covered.
No, you can't overclock.
You need a socket S1 Turion.
Ｗｉｌｌ TL-68 work with dell 1501？
Just curious how your temperatures are running with that CPU.
Please post back and let me know if you need more help.
I used a cooling fan underneath it.
I heard you can only put a processor of 533MHz in this laptop. http://www.ehow.com/list_7472724_dell-1501-cpu-upgrade-specs.html