Hi

. . . . is it possible to record electric guitar using a guitar processor as a preamp to my hp laptop mic input . . . .

Maybe, it is likely that the signal level will be too high for the mic input and cause severe overload distortion if you cannot reduce the mic input sensitivity down to 'Line in' level, ie ~ 1V pk-pk, even then the guitar processor signal may be too high - you need to check what signal level it outputs.

You will be better off with a guitar preamp or multi function audio interface with guitar and mic inputs with USB output eg Roland, MAudio, etc, audio interfaces.

HTH

John EB