First, determine if it is an AGP or PCI model.
If it is an AGP model, the video card will be in a specialized AGP video slot, that is clearly different than the rest of the slots, which would be PCI. If it's a PCI model, the video card would be in a PCI slot.
If it is an AGP model, you have tons of upgrde options. I would recommend the OWC line of processor upgrades, especially their 1.2ghz G4 model:
http://eshop.macsales.com/item/Other World Computing/MEG42M1200/ which, at $199, offers the best combination of speed, price, and a 3-year warranty! OWC upgrades go up to 1.5ghz for $299, and they have 2mb of L3 cache. In the G4 upgrade world, there are two types of G4 upgrades... ones with lower clock speeds and tons of cache, and ones with higher clock speeds but less cache. The lower clock speed/higher cache option is usually a lot cheaper and essentially just as fast.
If it is a PCI model, you can get either a Sonnet G4 at 1ghz:
http://eshop.macsales.com/item/Sonnet Technology/EG410001MU/ or a PowerLogix one, but I would recommend staying away from PowerLogix.
You can put 512mb PC100 or PC133 ram in your machine. Depending on what model it is, you can go up to either 1.5GB (three slots) or 2gb (four slots).
If it is an AGP model, you can go up to an ATI Radeon 9800 Pro with 256mb of ram. If it is a PCI model, your top video upgrade is a Radeon 9200 with 128mb of ram.
You can put any IDE hard drive into your machine, so long as it doesn't exceed 120 GB. If you want more, you'll have to buy a new hard drive controller. Sonnet makes excellent SATA controllers specifically for Macs and will work with Mac OS 8 - Tiger:
http://eshop.macsales.com/item/Sonnet Technology/TSATA/ - If you get Tiger, this allows you to have massive hard drives, and are a bit faster too.