Depends on the content of the reviews and the nature of the editor's decision. Often times the editor/journal renders a "revise and resubmit" decision, which means you need to significantly rewrite your paper in order to make it acceptable. This decision carried no gaurantees, but does leave the door open for a resubmission. Use the reviewers comments wisely and make sure your second draft either addresses or corrects the points the reviewer raised or that you make clear – showing better than telling – the points on which you disagree and why. (Perhaps the reviewer misunderstood your result?)

In some cases, however, the editor's decision is rather more final. Usually this happens when journal is simply not the right venue for the paper, or the editor agrees with the reviewers about the reasons your paper fell short. In this case, I'd redirect my paper to a more appropriate journal (at least that is what I did once), after incorporating appropriate reviewer suggestions (There is always something to be learned from a review).

Hope this helps

NS