Well I THINK you're speaking of lucky bamboo... If you mean the bamboo-ish looking plant that grows in water (or soil), then that's what it is, though its real name is Dracaena Sanderiana. You might want to look up some pics to make sure you've got the right plant.

If it is, yes, you can 're-plant', or propagate more of these by cutting off the existing stalks from the big stalk (at the base of the smaller stalk, called the growth node). You then place it in water (and keep the water level above the bottom of the plant, but not too high; if your cut off stalk is small, this will require every day attention), and in about a month, or if you're lucky, shorter than that, roots will appear and you can plant it in soil and it will take off in the growth department.