I want to upgrade the CPU, what are my options

The good ole Optiplex :P You don't have any options with that machine. You can't even give it to the Goodwill, it's not worth anything, don't invest any money in it as you'll realize no return on your investment.

Your best option at this point is to buy a new, used or off-lease machine at a reasonable price.
 
Yeah, well, unless they somehow soldered the cpu on, you can take it out, usually involves lifting a metal bar and just pulling of the processor. Though, any new computer won't be able to use one that old.
 
It's hard to find processors that are P3's and are faster then 733MHz, that computer isn't worth $100, you would be much better off buying a used $300 machine.
 
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