How to know if my tablet is compatible to a later Android version? I have a Pandigital Star tablet with Android 2.2.

But now Pandigital have closed their business. 
I would like to Upgrade to atleast Android 2.3 myself.


Can I do it?
Should I do it? Will it make my system slow?
How to do it?
Can you do it ? Yes you can, how hard or time consuming is it going to be? A lot of time for sure.
Sure you can go ahead! Many people run custom roms or build their own roms from AOSP on their android devices.
You can either search for compatiable custom roms for your device else go pull a branch of AOSP and build on it!