Updating a Sysprep Image

I’m fairly new at using Sysprep, so forgive me if this sounds naive. Is it possible to update an existing XP Pro image that was created using Sysprep and Ghost? Can I load the image on a computer; upgrade some software and make other changes; and Sysprep and Ghost it again? What would the steps be to do this?

Or do I need to create an updated image from scratch?

Jim