It's got an HD 3000, correct?
You would be able to game at low settings @ 30 fps, perhaps. If you set the ugridstoload setting in the ini files to 3 (default is 5), you'll get a nice bump.
If you disable the shadows inside the .ini files (You can download lighting mods that will compensate for the lack of shadows), a huge increase in your FPS will be assured.
You may also want to reduce the size of your texture files. You'll need to unpack your "Skyrim - Textures.bsa" file, then run them through "Optimizer Textures". 'Tis a program you can download on the nexus.
A defrag couldn't hurt.
You may also see a performance boost if you make a ram disk of around 1-2GB, placing a .bsa file on there, make a "symlink" to the ram disk's .bsa file in the Data folder. You'll want to make sure you have a copy of the .bsa, due to Ram-disks emptying their contents whenever you restart/shut-down/hibernate/etc. your computer.
You may also want to disable grass. You can do this in the .ini files I believe. Something like bshadergrass. If you can't find the setting, going into the console and typing "tg" will disable grass (type it again to re-enable it).
Turning of NPC facial emotions may also help. The console command is "temo".
If you download the fog mod (there is one kicking around on the Nexus), you could disable the landscape LOD for a performance boost by typing in the console "tlod". <==Not sure about that command. Could be different. If you type in the console "help LOD 1", it'll come up with a list of commands to do with the LOD. Look for something that will allow you to toggle the LOD.
That's all that I can think of off the top of my head.