Yes and No.
You could create a child theme specifying another child theme as the parent, and WordPress would attempt to use it.
You will run into issues, not to mention that the core devs have explicitly stated that this is not desirable behaviour, and they will not make efforts to support grandchild themes.
It's also considered very bad practice. If you have a need for grandchild themes then your approach has taken a wrong turn, and you need to step back and re-evaluate things.
I would advise you avoid the concept of grandchild themes, it will lead to more problems. Instead more hooks filters actions and modularity in your child theme should enable you to keep the child themes shared components the same, and let you branch/fork with little difficulty. Try moving common elements into an svn external/git submodule.
There's also the _s model where you have your child theme as a base, and fork it, rather than having it as a parent with the intention you work on the copy, rather than a child/override.