Is there a way to change the bios...the one I currently have does not give option to change FSB or multiplier...or if possible; install a bios that supports these options.

Yes, you can update the bios, following your manufacture (Hp/Compaq) specifications

Actually have a look at this post: http://www.techspot.com/vb/topic100655.html

I have all the updates available from/on the compaq website, it was one of the first things I did after blowing the dust off the old tank. The updated version of the bios doesnt support tweaking either. I have had a response from a guy at esupport.com about a bios verion 6.1. Anyone ever heard of this bios and is it what i am looking for?

I doubt you'd be able to overclock (I'm assuming thats what you're after) with the computer you have now.

Very few branded computers will have motherboards which allow overclocking.

Before updating the BIOS, you should read what the update does, it probably would tell you if they allowed FSB changes.