yes... they are 6-5 for the season. technically they are in the running for a bowl.
However, for them to get an invite might not happen. Bowl games are no longer about the game/competition but about the sponsorship and ticket sales, etc. So bowls want teams in them that they will be able to sell out the stadium to. Vandy doesn't have the biggest record of fan attendence at home games even and it will be likely viewed they might have a poor attendence at a bowl game.
one possibility is the Music City Bowl in Nashville. It usually takes one of the lower ranked bowl elligble SEC teams. This year Alabama and will go to a higher bowl as will Georgia, and Florida.
Music City will then look at Vandy, South Carolina, Kentucky, Mississippi or LSU. They tend to try to get a team that is closer to draw in a crowd that can drive easily to the game since it gets stuck with Dec30 and not a weekend game and people have to work that day. Vandy is the closest, of the above listed teams but that doesn't mean they'll choose them.
Although Vandy is in Nashville, Kentucky is the next closes team that would fit their "bill" and Kentucky would draw more fans in than Vandy. (plus the city would get a bigger economic impact as many of them would stay the weekend in city hotels instead of just going home like locals would).
Bowl organizers and host cities don't want a "hometown crowd" when they can get tourist dollars.
Other options Vandy might get is the Liberty Bowl (Memphis), the Independence Bowl (Shreveport), or maybe the PapaJohn Bowl (Legion Field in B'ham). Papajohn Bowl just added back a SEC team and now takes the lowest ranked SEC team that is bowl elligble.
EDIT: A quick search of bowl predictions has Vandy predicted to goto the Liberty Bowl (memphis)
by both ESPN and Sporsline
http://sports.espn.go.com/ncf/bowlprojection
http://www.sportsline.com/collegefootball/bowls/predictions