Is this a good laptop

Solution
You can upgrade Your old laptop for less than buying a new laptop.

http://www8.hp.com/h20195/v2/GetDocument.aspx?docname=c04284503

Buy 2x4GB DDR3 1333MHz Laptop DIMMs to push it to 8GB of RAM.
http://www.newegg.com/Product/ProductList.aspx?Submit=ENE&N=100007609%20600000414&IsNodeId=1&Description=2x4GB%20DDR3%20Laptop&name=DDR3%201333%20%28PC3%2010600%29&Order=PRICE&Pagesize=20

I don't know what processor You are running, but if it's not a P820, P560, P540, or P520 then consider upgrading to an: AMD Turion II Dual-Core Mobile Processor P560 (2.5 GHz, 2MB L2 cache)

I don't know what side Your hard disk is, but a new (1TB+) HDD or a SSD would not be a bad idea. A HDD give You more storage for less money, while a SSD give You more...
You can upgrade Your old laptop for less than buying a new laptop.

http://www8.hp.com/h20195/v2/GetDocument.aspx?docname=c04284503

Buy 2x4GB DDR3 1333MHz Laptop DIMMs to push it to 8GB of RAM.
http://www.newegg.com/Product/ProductList.aspx?Submit=ENE&N=100007609%20600000414&IsNodeId=1&Description=2x4GB%20DDR3%20Laptop&name=DDR3%201333%20%28PC3%2010600%29&Order=PRICE&Pagesize=20

I don't know what processor You are running, but if it's not a P820, P560, P540, or P520 then consider upgrading to an: AMD Turion II Dual-Core Mobile Processor P560 (2.5 GHz, 2MB L2 cache)

I don't know what side Your hard disk is, but a new (1TB+) HDD or a SSD would not be a bad idea. A HDD give You more storage for less money, while a SSD give You more speed and maybe a bit better battery life.

Finally, old laptop batteries can die. If Yours is having trouble, visit FleaBay to buy a new battery:
http://www.ebay.com/sch/i.html?_odkw=425+battery&_osacat=0&_from=R40&_from=R40&_trksid=p2045573.m570.l1313.TR2.TRC1.A0.H0.X425+battery+hp.TRS0&_nkw=425+battery+hp&_sacat=0

You can spend less money, get a better laptop, and keep all Your software.
 
Solution
A cooling pad is always a good idea for a laptop, but they need to be matched to the laptop. If Your laptop sucks air in on the bottom, get a cooling pad that pushes air up at that spot. Don't get a cooling pad that works against Your laptop's fans.

I suggest buying a cooling pad locally, not online so You can see how well it fits Your laptop.