Sure, they can rebuild it and use it again. The thing is the ship would have a stigma and so I'd wonder if they would use the same name. Also, I can see the ship perhaps being repaired and then sold to another line, perhaps in Asia.
The Sally Albatross partially sank after running aground in 1994 and was salvaged, rebuilt, and sailed for a while as the Leeward for NCL. It is still in use as the MS Cristal.