Yes! Depending on the size of your blender, be sure you have enough room in the blender for double the volume. Freeze blender container for 15-30 minutes before blending. Add cold whipped cream, cover and blend on high speed for about 30 seconds.  Check and scrape down sides, it should be slightly thickened. Blend again on high until you hear a change of speed in the motor. Stop and check, adding powdered sugar and vanilla extract.  Return lid and continue blending on high speed until whipped cream reaches stiff peak stage. Chill for 15 minutes to allow stabilized whipped cream to rest.