You'd be better off with a desktop.
Other than those from Alienware, laptops are not suited for gaming.
QFT, unless we're talking about some very old (or simple) games and on a T40 you can forget just about any decent game which was released the last 8-10 years.
To OP: Sorry to hear your frustration and sorry to point out the bad news, but you may just as well know and that it's not only the 512Mb VRAM which is the problem. Here we go with an example:
The last game I really played was World of Warcraft, which launched in 2004/2005. First computer I played on was a P4 with a 6600GT GPU and with the following benchmarks:
T40 on the other hand:
As you can see, the T40 would have been quite far behind an average desktop with a mid level GPU already then and there's no way that desktop would run any "real" games released the last five years, much less the T40, which would have choked on most new games already back then.
Your best bet would be to try to source a cheap 3-5 year old desktop with a decent GPU, that way I'm sure you could find some games that would run decently (although no really recent releases, except for example WoW, which is made to also run on old'ish hardware).