How to upgrade Android 2.3 to 4.0 on ARM 11 based Tablet? I have tablet which has a IAMPX200 Processor and a M718 Main Board. 

The current OS is Android 2.3, and I want to upgrade it to Android 4.0. Is it possible? If yes, please give any suggestions.
Simple answer: No.

ICS requires an Armv7 processor. Arm11 processors are armv6, as such your tablet doesn't support ICS.

however, a ROM maker may have ported it to your professor and hardware - I suggest you check forums such ad XDA Developers.