Bychance, here's my guide for you.

There's a time too that i hated my galaxy y , but i realized, it's not the perfect phone that has no lags. All phone has lags. So, i just do some tweaks to make my galaxy y faster and snappier

1. Format SD Card from phone (It removes the entire files on your sd card so make sure you have a back up on your computer, It makes the sd card FAT32 that is recquired to the phone

2. Upgrade to the latest firmware (it makes your phone more stable and faster , but consumes internal memory, you can upgrade using KIES, OTA , Or odin

3. Try some tweaks like V6 supercharger script (it is not downloadable in the market. Search google. It makes ram consumption very low .

4. Try some custom rom like creeds (it is more faster than stock rom and it has built in tweaks)

5. Remove some built in apps using Titanium Backup (Be careful of removing some because it can make the phone not run properly)

I hope this will help you.

 

Oh, i forgot. It requires root access. Go to samsung galaxy y forums and find all things root and do the Universal Gingerbread Root Unroot