I know of a few guys that swear by a heavy dose of Seafoam in the oil, fuel and into the combustion chamber thru a vacuum port, followed by a oil change with cheap as you can find oil of the proper weight. Run that for 5 minutes once at operating temp, shut it down and drain the oil, change filter then a new filter and your good oil. Most also add the Restore oil treatment at this time. It does help restore compression and also makes the seals swell slightly helping with leaky seals.
Some times this works fantastic, other times the engine, seals etc are too far along to be helped much at all, then a rebuild is really called for. Most of these products do help, but they are not a permanent fix.
These types of products should be considered as a way to get a few more weeks/months of life out of the engine so you can start getting stuff together to either replace or rebuild.