Could I hack 7" android media tablet to obtain higher os?

I'm new to android and just learned how to hack an android phone's operating system using sdk and eclipse. So, could I just do the same thing for my tablet? It's android os 1.6 and I know there won't be any updates. I got this thing for xmas and I would be perfectly fine w/ it if it had a higher os. So, can I or should I just return it?|||Possibly see if there are any available rooting techniques out there for it, to root and install something like Froyo or Android 2.3. If not then yeah, probably return it.