As someone who use to have a hard time running H2V a few years back I have some tips for you to try.
First, if you are already running it on low, I assume you are also running it on the lowest resolution? (800x600). If so you can also lower it more using the H2V resizer found in the download section of this site. It only works in window mode but I believe some have found a way to make it full screen with a custom res. as well.
Second, try setting your visual settings low by going to My computer or System and Maintenance > System properties > Advanced > Performance and set it to "Best performance" and click apply.
Also since you are on a laptop make sure to check your power settings to see if you are set to "High Performance" that's sometimes very important when gaming on a laptop.
And another quick tip I want to add, if you are having issue with the FPS "skipping" around, you may want to just limit your fps to something you can get more consistently such as 30 or 45 fps.