Yes, re vegging works just fine.
I have heard of occasions where people have left just the stalk, and the plant has grown back, but these are rarities.
The normal method of revegging is to leave a couple of the lower buds and leaves on the plant, then put it under constant light for several weeks, with a high N feed.
Some people don't leave any bud at all, just leaves, but I personally leave a small amount of bud, and see growth from the budsites at least a week befor I see it anywhere else.
When the plant does start to grow back, it will throw out deformed growth for a while, but will eventually return to normality.
The problems with revegging are, firstly, it takes ages for the plants to start growing normally, and secondly, it's genetics are less stable afterwards. It will get you a second harvest no problems, but I would not recommend keeping a revegged plant as a mother, unless you have no alternative.