It wouldn't be too difficult, but could potentially run the risk of voiding the warranty. Hitachi (who bought out IBM's drive-making business) makes really good 7200rpm drives for laptops. The most difficult part would probably be getting the software on the new drive since many computer...
I would suggest not being too concerned with HD size. If your only option is a 4200rpm HD, you'd be better off just getting an external HD to use for any speed-critical applications (e.g. photoshop, video editing, etc).