Is a revision of the bible possible?

Instead of further feeding the discussion on “What do you know about the religious condemnation of homosexuality?” I thought I’d make a question instead.

Thomas Jefferson made a version of the bible in which he removed the supernatural, and what he perceived as superstition and misinterpretation of Jesus message.

Is it possible to do a total overhaul of the bible? Would there be a point of doing so? Is the old testament needed at all? Would the Jeffeson Bilble be better suited as a bible or is the supernatural characteristics of Jesus necessary for his message?