I don't like software like DriverToolkit or similar
First point we have to know the brand and the specific model of your laptop than we can make a decision 😉

Certainly. Aspire V5-573G

Specifications always help. Also those driver download programs generally have a tendency of filling systems up with all sorts of things you do not want.

Generally what I do is download the Intel chipset drivers, the GPU drivers (on laptops with switchable graphics you generally can only get them from the manufacturer itself, if the graphics aren't switchable then you can get the drivers from NVIDIA. If the GPU were from AMD, it all depends on the manufacturer), the audio drivers (generally Realtek these days), and the latest touchpad drivers (if you care about that sort of thing - I do). After that I open Device Manager (Start > Run > devmgmt.msc) to see if there are any unknown devices, and if there are any, search their PCI ID's

The fun thing is; with a built stationary I find it alot easier to hunt for drivers because I know what's in it.
With pre-builds I know jackshit and as you said, those toolkits shows alot of stuff. Most of it are just crap, I saw it as well when I checked my lap with it.

I'd recommend going to Acer's website as well, since the majority of laptops with switchable graphics that I've seen require manufacturer-specific drivers. Don't use any kind of driver software like DriverToolkit; it's really unnecessary and might lead to some problems with PUPs and such.

Thank you all for the tips. I've removed DriverToolkit. I'm sure it's good for something but not for this.
I've learnt a new tern today, switchable graphisc. What is that? I've noticed in the Nvidia CP that I do indeed have two GFX chips.

Switchable graphics - since Sandy Bridge, laptops can have two GPUs, the integrated Intel graphics on the CPU and a discrete graphics chip, like the AMD Radeon HD 6630M on my Sony Vaio, that's meant for higher-performance stuff like games. I've seen it on some AMD-based laptops as well.

How do the laptop "know" when to switch when I'm about to start a game? Or do I have to do it manually? If so, how?

I think it depends on the laptop. For instance, on my Vaio, there's a manual speed/stamina switch that goes between the two different graphics systems. I kinda want to say that some newer laptops can do this automatically (or in software at the very least), but I'm not totally sure about that.

Rod Primitive wrote:

How do the laptop "know" when to switch when I'm about to start a game? Or do I have to do it manually? If so, how?

Generally it autodetects (e.g. when you launch a Direct3D app), but let's just say that it doesn't work perfectly all the time (OpenGL games tend to turn into a lagfest if graphics aren't manually switched)

I found out how to do it now. I can do it as easy as pie via the Nvidia CP. I can also choose which app or game to utilize it. This is great

Usually you can fix these settings with panel control setting!
Default settings are great for home use!
If you want to run old games, it's better to set only discrete gpu because there are some incompatibility with old 3D Engine

Since I also have this laptop some pointers: (May not totally apply to your case since mine came with Windows 8 and installed drivers, if you are reinstalling from scratch you might have a different experience.)
Download the drivers from http://us.acer.com/ac/en/US/content/drivers (just enter "Aspire V5-573G") and install them
I think I compared the versions to the already installed versions and skipped identical drivers.

Geforce Experience was installed, it can download the latest nVidia drivers and install them so I'd disagree with the statement "on laptops with switchable graphics you generally can only get them from the manufacturer itself" since the reference drivers seem to work fine. After all, Optimus (that's what nVidia's switchable graphics is called) was created by nVidia so it makes sense that it works with their drivers.
I also manually installed newer Intel graphics drivers (look for "Intel HD Graphics 4400").

You should definitely read up on Optimus. It is not always autodetected, the driver includes a list which applications/games should use the integrated or the discrete GPU. You can edit this list, eg. make new entries, and you can also tell it to use integrated or discrete graphics for everything which doesn't have an own entry or where the entry says that the global setting should be used.
There is also a global autodetect setting but I didn't try how that works exactly.
If possible I would try to use integrated video as long as possible as the machine can get quite loud when using the nVidia chip.
As for "OpenGL games tend to turn into a lagfest if graphics aren't manually switched" - I think that depends, for older OpenGL games like Doom 3 the integrated graphics might be OK depending on the resolution.

Re "If you want to run old games, it's better to set only discrete gpu because there are some incompatibility with old 3D Engine": My experience was the opposite, some old games (Frogware Sherlock Holmes series) refused to run with nVidia graphics but ran fine with Intel graphics. Unfortunately I couldn't find an option to disable Optimus altogether (in that case the Intel driver won't be loaded at all), I have seen this in a different laptop.