Sure you can add it. But yes there is a performance penalty.
Its just a ton more memory registers for the CPU to manage.. its going to slow things as you add RAM over 1GB.
I'd go 2GB tops if it were me (I use 1GB). Unless you have a extremely high end use for 2+GB.. theres no reason to slow down your PC. You wont see any improvement in almost every application beyond 2GB.. and in most applications besides a few poorly coded games (BF2), you will see actual slowdowns in FPS.
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3GB vs 2GB wont give you any multitasking advantage either.