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I agree with Blaze that I don't think it's necessarily very likely, but I wouldn't say it'll never happen. After all, Disney made a Bambi II decades after the original movie, and, in my opinion at least, it was good. What's more, their art and animation style had moved on a lot since the original Bambi, but that didn't stop them making another movie. They just made sure they stayed true to the original style.
I personally think it depends more on whether Dreamworks can come up with a good enough story/plot for a sequel/prequel. The Spirit franchise is also probably not a huge money maker for them, unlike the Shrek franchise for example. If they ever did make a Spirit 2, like Bambi II and Tarzan 2, I'd expect it to be a straight to DVD release, and that in itself means you won't get as much money from it as opposed to cinema releases. Plus, it's notoriously hard to animate horses, of all animals ^^;
Like Tarzan 2 and Bambi II, I expect that if Dreamworks ever did make a Spirit 2, it would cover the time when Spirit was young. Mind you, it'd probably be harder to do that and stay true to the original movie style, since they couldn't make Spirit talk, except in voice overs. And if he's a rambunctious foal, what really can you do, if he doesn't talk, except include more humans, and then why would he have approached the cowboy camp as an adult if he'd already experienced Man when he was a foal?
It's certainly difficult to imagine how they'd make a sequel, but I'm confident that, if Dreamworks ever did, it would be done properly and carefully.
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 Huge thank you to Roiffalo for help with sorting out my signature ^^
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