I presently have i7-3840QM and would like to upgrade to a more powerful and faster processor if it is compatible. I already have 32Gb RAM. If it is possible, would I also need to upgrade any other components in order to handle the upgrade?
1. almost no laptops can upgrade cpus or video cards
2. you have the top I7 the motherboard was designed to handle, so there is no "upgrade" to be done.
what are the reasons why you want to "upgrade" of the answer is because I am gaming, then I am sorry your looking at the wrong location on your system, your bottle necking is probably CPU and overheating like all laptops they are wonderful devices that retain heat like beasts in the sun. (see 1.)
Well if your current laptop struggles to do what you want it to do, or is simply not powerful enough, you're either going to have a to buy a better one or make do with what you've got because the key components in your laptop that determine it's performance are not upgradeable (except adding more RAM, but you're already more than well covered in that department).