rpdom wrote:Of Raspbian? Yes. You can run the current Raspbian image on any Pi available to date.
You can also upgrade the existing software instead of installing from scratch, but that is a more complex process.
Yes and no... There is no easy upgrade path from Raspbian Wheezy to Raspbian Jessie. Really...on the software side, the best advice is to get a new card and load the current NOOBS or Raspbian.
However, the OPs question is undefined. To address that...yes, you can upgrade the software. No, you cannot upgrade the hardware.
So, overall, the best course--unless $35 is an unsurmountable barrier--is to gift a Pi3B.