Technically he can do so. But this would cost lots of $. Remember it has been openly confirmed that money was "borrowed" by the PPH faction of the PRD from the collapsed Baninter bank to grease the way for Congress to pass the changes that allowed President Mejia to run for reelection. This money did not cost the PPH faction anything, as it was just put on the tab of the collapsed bank that all Dominicans are paying for in the increased inflation. Where the money would come from now to push a constitutional modification through Congress before the swearing in of President-elect Fernandez is an unknown. I don't think there will be many takers of a second Hipolito Mejia gamble so soon after his resounding defeat in the polls.
As to whether he can run as Vice President... that also is a possibility. But take note that for Hipolito Mejia to be a vote-gainer on a presidential ballot, the Fernandez government would have to be an even worse one than the one we have had under Mejia, which should be a difficult feat to accomplish given the numbers Mejia will be leaving the country.
In the 2003 constitutional modification it was also included that a President could only run once for reelection, so technically President Mejia used up his chance. Unless the constitution is modified again -- always a possibility -- Mejia is out. From what I understand, Mejia now seeks to become the spokesman for the PRD, which is yet to be seen given what his leadership has accomplished.
In the meanwhile, the legislators have a bill pending that would extend their own terms two more years in order to unify presidential and congressional election. After the Dominican people are feeling good about penalyzing through their vote the present authorities with a big NO on their bid for four more years, this motion, while also possible, is also unlikely as to do so the legislators would be have to forcefully charge the bill through while it surely will have the rejection of all sectors of society, including the next President as of 16 August.