There will be no second (Read third) chance. There is no such thing as soul. The Quran refers to Allah's Rooh and not man's.Read the details about how life takes shape in a mother's womb (23:12-14) There is no mention of Rooh. The pure form is dependent on what you do in this world. You cant have the best of both worlds by being nasty here and expecting Allah to let you have a nice heaven. Transmigration of souls in Hindus is a fairy tale.
Yes the world is a testing ground where the results are also evident, here and now. The final phase is part of our faith and depends on the Divine Law of Retribution whre more everlasting results will appear in a new life-form.