Disclaimer: I'm not a MET so this is just my speculation

Is it possible? Yes, ANYTHING is possible with Katrina.

It's not going to happen, though. It might take a week, but a second U.S. landfall seems certain - somewhere between Texas and Key West.

ETA: If there's a MET online, I've got a question for speculation. Could Katrina pull an Opal? I mean, head northwest toward New Orleans, but then get swept up and thrown northeast (not NNE, but NE) and hit the Panhandle? Several people are saying a Panhandle landfall isn't out of the question, but what I'm referring to is the storm moving past us here, but then swinging sharply back to the NE, potentially even wrecking havok on N.O. in the process.