Any options to update android OS from 4.0.3

[pxr87]

I have Acer A200 tablet bought long back. It has the latest OS upgrade available ( Image ver : Acer_AV041_A200_RV10RC01_PA_CUS1) from ACER support. I guess there is no longer support any more upgrades. But that is not sufficient for me use latest app's available on market. Namely latest Netscape app which needs 4.4.2 or some thing. Are there any way I can install latest android OS doing some thing - like rooting and running some softwares . Since I am IT guy ( though not Android guy), I can play around, if Hardware doesn't block. I appreciate if somebody show me some direction about this.