Here's one metric that may impress some higher ups: measure the average time it takes to build your application, and how many times you do that per day. For instance, We ended up with ~100 builds a day @ 60 secs each.
Now, measure the average build time on a presumably faster machine (say 30 secs per build).
At this point you can see how much time it would save you to have the 'faster' machine. Per-developer, per-day. Multiply by the number of developers, and the days in a month and you can see how this stacks against adding another developer to the team.
Yes, I know, there are other considerations when adding more people to a team, but this will give you a rough comparison that 'higher ups' can relate to. For instance: if we all had faster machines, we would spend less time on the builds, comparable to one extra developer.
On the other side, you should provide good estimates of the cost of upgrading everyone's machine.
Now, if you can, you should run this type of comparison against multiple 'faster' machines to determine their relative performance and perhaps individuate which bottlenecks you are facing (RAM vs CPU vs I/O ?).
Finally, my personal take is that, while this sort of process and the following discussion with the stakeholders takes place (and it may take a while), you could get everyone bigger/more monitors. That's a relatively cheap upgrade (of course, not that cheap if you go for 52" LCD monitors, right?) and more monitor-estate does improve productivity (protip: also improves employees morale, which, in turn, improves productivity).
HTH