Yes, we may see Frank the Tank once more:

Movie News
OLD SCHOOL trio gets sophomore year
Ferrell, Vaughn and Wilson expected to return in sequel

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Dateline: Tuesday, May 27, 2003

By: PATRICK SAURIOL
By: News Editor
Source: Variety

Today's Variety ran a story about DreamWorks Pictures continuing its partnership with Ivan Reitman's production company, Montecito Picture Company, for another three years. One of the movies that Montecito has in active development is a sequel to OLD SCHOOL, the comedy that starred Will Ferrell, Vince Vaughn and Luke Wilson as a trio of mid-30s guys who decide to start up their own college fraternity. No contracts with the stars have been signed yet but Montecity expects that all three gentlemen will be back to work on the sequel.

DreamWorks is also preparing to release OLD SCHOOL on DVD/VHS on June 10 in both rated and unrated versions. The unrated version of the movie includes new footage that's, you guessed it, unrated and thus more adult, as well as blooper reel and different menu designs than the ones found in the rated DVD release.