I have tablet which has a IAMPX200 Processor and a M718 Main Board.
The current OS is Android 2.3, and I want to upgrade it to Android 4.0. Is it possible? If yes, please give any suggestions.
Simple answer: No.
ICS requires an Armv7 processor. Arm11 processors are armv6, as such your tablet doesn't support ICS.
however, a ROM maker may have ported it to your professor and hardware - I suggest you check forums such ad XDA Developers.
What tablet? Some can be updated by going settings>about>software update and follow the prompts!
Or if you can't update that way you have to force up via a program on a computer, I recommend uberoid.