You don't lower your video card memory .
That is what you are stuck with when you buy a laptop, unless that laptop has a video card you can swap out, doubtful, but possible.
I'd suggest investing in a tweaking suite like BoostSpeed or TuneUp Utilities to help get your laptop running the best it can, you probably have lots of services running in the background for one thing that are wasting CPU resources. WinPatrol is another good tool you might try, and it's free to use.
See softpedia.com or tucows.com or other reputable download site.
2 gigs of RAM is also the bare minimum for Windows 7 to run IMO, I have a 1 gig old PC and it was ridiculous with Windows 7, so I know first hand, upgraded it to 2 gigs and it's serviceable as emergency 3rd PC.
Laptops are typically not good gamer machines, unless you spend a lot 'O money and even then they can't hold a candle to desktops, just nature of the beasts, and one reason consoles are so popular.
Your laptop is still good on casual games, just not hardcore 3-D gaming.
Your ignorance bit you this time, investigate deeper, next go around, and you will be much happier.
Just because you just bought a computer doesn't mean anything, they vary greatly and it's very unfair to
the ignorant, but you have to ask the right questions to make much headway which is problem itself when you have no idea what you should want.
This is more like it for a gaming laptop:
Newegg.com - TOSHIBA Qosmio X505-Q880 NoteBook Intel Core i7 720QM(1.60GHz) 18.4" 6GB Memory DDR3 1066 500GB HDD + 64GB SSD HDD BD Combo NVIDIA GeForce GTS 360M