Bought a $40 Android table

So like the title says, I just bought a $40 android tablet, one of those cheap Chinese made ones. It says it has Android 4.1 on it. Ive never owned an Android device before. I got it to use as a snes emulator to keep in the bathroom to play from time to time. It has wifi, but no bluetooth. Its kinda slow and laggy, probably due to the crappy hardware. What should I do with this thing to make it run a little smoother? Maybe install a different version of Android? Jailbreak/Root?