Yes, if I read you're question right. Lets try a story.
With some lands,
Butcher Ghoul (without +1/+1 counter),
Diregraf Captain, and
Cemetery Reaper in play, the
Butcher Ghoul power and toughness will be 3/3 ( 1/1 and two +1/+1 effects). Something causes the
Butcher Ghoul to die, activating the Triggered ability and putting it on the stack. When it resolves, it is checked to see if the
Butcher Ghoul had a +1/+1 counter on it when it died. Since it didn't, the
Butcher Ghoul is returned to play, with a +1/+1 counter on it. Now it is a 4/4.
Undying (When this creature dies, if it had no +1/+1 counters on it, return it to the battlefield under its owner's control with a +1/+1 counter on it.)