Simply, No. The 16GB hard drive is smaller than most USB's, also I have a laptop with 4GB's of RAM and I can't even watch a youtube video in fullscreen with any other windows open. Likely will struggle even running windows 10 and Office 2016.
Chromebooks and inexpensive Windows 10 laptops that competes against them typically have no upgrade options whatsoever. The only way to increase storage is to use SD cards; which may or may not stick out of the laptop (depending on the specific model).
There are 11.6" Windows laptops that has a standard hard drive which can be upgraded with a SSD and also gives you the option to upgrade the RAM (up to 8GB). But these laptops are more expensive than Chromebooks and less expensive Windows 10 laptops that competes against them. An example is the following Dell 11 3000 selling for $358; which also has a slightly more powerful CPU.