I have a few older RaQ 2's and a few Cube 2's, I know I can upgrade the memory and the HDD's in them and all, but is there a way to upgrade the processor at all?

I don't believe so. They use the QED MIPS CPU, and the mobo etc is all custom-built. Probably not worth it - that CPU is actually a pretty decent one to begin with. If you really need more horsepower, I'd recommend an entire new server.

But I love my Cobalts :P Have custom black faceplates on them..sleek.

I have a Raq2 as a home server and I love the little guy. I upgraded the RAM to 192 mb and have a 9 GB hard drive. I have heard of 20 GB raq2's with 256mb