you might be able to do that, but it is NOT what sequences are supposed to do. The idea of a sequence is to provide an id that is guaranteed to never repeat over the life of your data. Reusing ids can result in your data becoming corrupt.
Fer instance, suppose that you have this:
id name
1 john
2 susie
3 scott
and another table:
id job
1 janitor
2 sweeper
3 executive
and you delete scott from the first table, and add a new person reusing that id. Now id 3 points to stan, who was supposed to be hired to be a light changer. But we might get it in the database that he's an executive, we set up a big suite on the top floor for him, and john and susie all wind up there with him partying.
Now you've got a situation like Office Space on your hands, and you're not sure why.
If you need a "counter" for each row, you can write a function or something, but don't go changing the serial id, since it really shouldn't be changed EVER by you, it should only ever be set once by the sequence and left alone.