Holdin my breath or on pins and needles

Either phrase describes how I am feeling right now. Yesterday, i was really relaxed about everything, prepared to wait and thinking c'est la vie ... But tha all changed last night when i thought, "better look and see if any new houses have popped up." so, i pulled out my ipad and started casually looking. I really wasnt expecting much to change from my searching 12 hours before... To my surprise the house from the previous weekend that we wanted is RELISTED! I freaked out and wanted to do something right away. I texted our Realtor. Then i called Mike (i am down in Portland for a few days). So now, I am waiting for Sarah to get back to us about the house. Is it possible to put multiple offers on a house? I Googled the question and some people say it isn't ethical but it is possible. Others say that all the rules have changed since the banks can take weeks and months to answer... I don't wan to lose our $1,000 earnest money.... Waiting to hear from the Realtor.... Holding my breath and trying to concentrate on work.... This is a hard waiting game!

UPDATE:  Our Realtor called and said, I have good news or bad news... depending how you look at it.  The house we had the offer in was rejected.  Oh PHEW!  That solves the ethical dilemma and we don't have to even debate about it.   So, now we can move forward with the offer on the relisted house.  I want to move fast on this and get our offer in!