Also, under "About this Mac"->"More info"->"System Report", does it say your Mac is a MacBookPro5,5?
If so, you should be able to upgrade up to 8GB. You can find this information here:
http://support.apple.com/kb/SP541.
However if your machine is indeed a 5,5 version, I expect that you would have 2GB of RAM by default and suspect that either one RAM slot or one stick of RAM is defective.
While you are in "System Report", click on Memory on the left hand side and see what it says. You should have two memory stick listed. If it says one is empty, then you have a problem. This might explain why your computer became slow suddenly.
To test if it's your slot that is defective or your stick, you can open your computer and remove one stick. Turn your computer back on, check what it says in memory, then move the stick still installed from the current slot to the other slot and see what it says. If it shows 1GB of RAM both times that means you have a defective stick (the one not installed). If it shows 1GB once and 0GB (I guess your laptop won't start in that case) that other time, that means it's the RAM slot that is not working.
If your RAM slot is not working but don't want to repair it, you could just buy a 4GB stick and install it in the functioning slot.
I hope my explanation is clear, don't hesitate to ask if it's not the case.