Yeah, that would be upgrading since you're technically adding a physical piece, rather than changing a setting.
Your PC will have a basic input output system which dictates the very operation of your PC. Without the BIOS, your computer would not boot, and you would be hardpressed to do anything. The BIOS stores information such as the clockspeed (measured in MHz) of the CPU and tells it how fast to operate. The manufacturer has built the CPU and tested it to run safely at a specific setting as defined in your BIOS, however changing the setting in your BIOS can increase the CPU speed.
Actual storage space on memory and hard drives cannot be increased since it is physically built into its component, if that makes any sense. You can turn a 512MB stick of memory ino 1024MB unless you actually alter the memory yourself (which you'd need a bachelors degree in engineering and god knows what to accomplish). Speed and storage are two different things.
Think of it as a car, put your foot further down the peddle, and the car goes faster. The car isn't getting any bigger though, you'd need to physically attach something it in order to make it bigger.
And now I'm just rambling so I think this is better fit for another place since this ain't overclocking