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Ya it can give you more Hp and torque but if that is what you are looking for go with royal purple or Red line oil. they will give you the most HP. If you switch your motor oil, trans oil or ATF and rears you will get about 5 to 10 hp out of it.
Will you notice a difference from motor oil alone? No. Gains in HP/TQ? Yeah. In the fraction of a percentage range. Amsoil, Redline, Royal Purple... those are all great oils, but M1 is available at Wal Mart in 5-quart jugs for less than $20 iirc, and you'll never know the difference.